Momentum Building With Lower Highs

After making a strong trend higher for the bulk of this year, price in this market has been in consolidation mode for the past two months.

As the daily chart shows; price has been winding up tighter and tighter with a series of lower highs.

Price is now coming to an important crossroads. Momentum has been building lower with each test of the major support showing weaker buying.

For the trend higher to continue this support is crucial. A break lower and there is a large amount of room to fall into.