Gold Now Testing the Next Resistance Zone
On Friday, gold rallied and closed near the highs of the day. Now, the price action is testing the next resistance zone formed in late February. With Friday’s strong close, the RSI reading was greater than 62, which confirms the trend is up.
The Aggregated TFlow chart is set to 5-ticks range (available in CQG 7.5) with my two custom studies plotted. Currently, the market reversed after testing a resistance zone. The current readings from the TFVCrss study indicate that sellers are dominating as the green buy volume line has crossed below the red sell volume line. In addition, the TFUmTFD study turned down when the price was in the resistance zone.
The current and short-term view using the TFlow chart is the 1-tick TFlow bars with the CQG ChartTrader. I have added the new CQG Order Ticker (available in CQG 7.5).
My two custom studies are set to look back periods of 5-TFlow bars. At the time this image was taken, the market was edging lower. The red sell volume line is climbing above the green buy volume of the TFVCrss study.
The short-term TFlow view can change very rapidly.