Gold Tracing Out a Possible Broadening Triangle
The gold market is holding just above the support zone. I used today’s low for the upper side of the support zone, and that could change. I have marked 4 of 5 points for a broadening triangle. The pattern calls for a new high.
The current action has the RSI readings crisscrossing the neutral 50 level. As I have discussed, markets in uptrends will often move into corrective phases that produce RSI readings below 50, but the RSI will turn back up from above 38. A bullish sign will be the RSI staying above 50 on a closing basis.
The Aggregated TFlow chart is set to 5-ticks range (available in CQG 7.5) with my two custom studies plotted. Today, sellers have been in control as are in control as the sell volume line (red) has been forming peaks slightly above the buy volume line (green) of the TFCross study.
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 captured, the market was moving sideways. The green buy volume and the red sell volume of the TFVCrss study are tracking each other, a sign of a two-way market.
The short-term TFlow view can change very rapidly.