Gold Testing Support Zone
Gold worked its way lower yesterday, and this morning is testing the support zone on the daily chart. We have yet to see a higher low established on the daily chart.
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 could not penetrate the resistance zones, and broke through the support zone. Right now, the market is stalling out at a resistance zone.
Today, the recent extreme RSI readings are flashing low readings below 38, which indicate a bearish bias. I want to see RSI readings turning up from above 38, not below 38. A bullish sign would be the RSI closing 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. At the time this image was captured, the red sell volume line is peaking over the green buy volume line of the TFVCrss study, which indicates that sellers are the aggressors.
The short-term TradeFlow view can change very rapidly.