Daily Gold Chart Stalls in Resistance Zone
Yesterday, the market closed up and the RSI edged above 62, signaling upward trend status. However, the market this morning has paused within the resistance zone.
Looking at a Constant Volume Chart (CVB) bar chart set to 250 contracts along with the CQG SnapTrader, we can see that the market is moving sideways within the resistance zone. Notice, I have plotted the volume study at the bottom. I use it to let me know when the CVB is nearing completion. I use the RSI to signal trading range and trending periods.
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 selling as the market was working its way down to support near $651.00.