Gold Extends Its Gains
The Gold market on Thursday consolidated Wednesday’s rally, and today the market has made another new high. I have added another uptrend channel to track the demand and supply of the current short-term trend. The RSI reading at the close yesterday, was once again above 62 and that indicates upward momentum.
The Constant Volume Chart (CVB) is set to 1,000 contracts for a longer-term intraday view, and the CQG SnapTrader is displayed. Currently, the market is trading above two the support zones. The RSI readings are indicating the market is strong as the readings are pegging above 62.
I plot the volume study at the bottom of the chart. I use it to let me know when the CVB is nearing completion. I use the RSI readings to signal trading range and trending periods.
The current and short-term view using the TradeFlow chart, is the 1-tick TradeFlow bars with the CQG ChartTrader. My two custom studies are set to look back periods of 5-TradeFlow bars. When this image was grabbed, the red sell volume line was dominating the green buy volume line of the TFVCrss study, which indicates sellers are hitting bids.
The short-term TradeFlow view can change very rapidly.