Daily Gold Chart Reverses at First Resistance Level.
The market this morning is reversing following yesterday’s testing of the resistance level at $647.30. If the market closes down today, then the RSI will form a pivot high below 62, and confirm the trading range status.
Looking at a 5-minute bar chart along with the CQG SnapTrader, it appears that the first low of the day was made with heavy volume. If the market retests the low with light volume, then the sellers are not getting a following. If the volume expands, then sellers are coming in.
The very short-term view using the TradeFlow chart, which is the 1-tick TradeFlow with the CQG SnapTrader and with my two custom studies set to look back periods of 5-TradeFlow bars we saw a little light buying.