Gold Holds Onto Gains
The Gold market on Friday closed higher and maintains the bullish RSI readings by again flashing a reading at the close above 62. Today, the market is consolidating and is holding the tight uptrend channel.
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 price rise was checked by the resistance zone from Friday’s high, and the price is trading at a nearby support zone. The RSI readings are indicating the market could hold here unless the RSI readings start to peaks below 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 captured, the green buy volume line was holding above the red sell volume line of the TFVCrss study, which indicates buyers are lifting offers.
The short-term TradeFlow view can change very rapidly.