Gold Consolidating
Today, gold is trading within yesterday’s price range. This is typical behavior following Tuesday’s volatility. I have plotted a new up trend channel. The RSI has yet to form a peak below 62, so that keeps the trend up. If it does form a peak below 62, then that signals trading range momentum with a bullish bas.
The Constant Volume Chart (CVB) is set to 1,000 contracts for a longer-term intraday view, and the CQG SnapTrader is displayed. The market is trading between support and resistance zones and the RSI readings are peaking below 62 and above 38, which is trading range behavior.
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. At the time this image was captured, we can see that bueryers were lifting offers, but the market is trading with light volume because neither the green buy volume line nor the red sell volume line of the TFVCrss study is dominating.
The short-term TradeFlow view can change very rapidly.