Gold Showing Signs of Consolidating
This morning, Gold is pulling back. If the market closes down today, then the RSI will form a pivot high below 62. That will signal a trading range, but with a bullish bias. It will be interesting to see how the session finishes considering ongoing global tensions between Iran and the West.
The Constant Volume Chart (CVB) is set to 1,000 contracts for a longer-term intraday view, and the CQG SnapTrader is displayed. Today, the recent extreme RSI readings were values just below 38, which indicated downside momentum. Now, the RSI is tracing out pivot highs below 62 and above 38, which changes the RSI rating to trading range behavior, but with a slight negative bias.
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, but the green buy volume line was tracking the red sell volume line of the TFVCrss study are tracking each other. Neither buyers nor sellers are dominating.
The short-term TradeFlow view can change very rapidly.