Gold Continues the Sideways Trend
Gold is still locked between a near-term support and resistance zones. Yesterday, we can see that buyers came in when the market challenged last week’s lows. The RSI readings are continuing to flash trading range status by peaking below 62 and turning up from above 38. These momentum readings are indicating a trading range, but with a bullish bias.
The Constant Volume Chart (CVB) is set to 1,000 contracts for a longer-term intraday view, and the CQG SnapTrader is displayed. The recent extreme RSI readings were values above 62, which indicate upside momentum. Now, the RSI has traced out pivot lows above 38, and below 62, so the trend a trading range with a bullish 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 moving higher. Traders are lifting offers. The green buy volume line is climbing above the red sell volume line of the TFVCrss study.
The short-term TradeFlow view can change very rapidly.