Gold Moving into a Trading Range
Friday’s down close led to RSI forming a pivot high below 62. That signals a trading range, but with a bullish bias. Therefore, watch for the market to tag the near-term support and resistance zones.
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 recent extreme RSI readings are values above 62, which indicate upside momentum. I expect the market to make it to the overhead resistance zone. If the RSI forms a pivot high below 62, then the market is moving into a trading range.
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, the market was climbing. The green buy volume line was dominating the red sell volume line of the TFVCrss study. Buyers are bidding aggressively for the market.
The short-term TradeFlow view can change very rapidly.