Gold Continues to Hold in the Resistance Zone
For the third day in a row, gold is trading in the resistance zone formed the last trading day of February. Yesterday, the market closed with a slight gain. Again, watch to see if the market can close with an RSI reading greater than 62, then the trend is up. If the market closes down today, the RSI is forming a pivot high below 62, which is trading range behavior with a bullish bias.
I have added an Aggregated TradeFlow chart set to 5-ticks range (available in CQG 7.5) with my two custom studies plotted. Right now, the market is bouncing off a support zone. The readings from the TFVCrss study show sellers dominating as the red sell volume line is peaking above the green buy volume line. However, the TFUmTFD study did start climbing from the low reading, indicating sellers were backing away when the market was in the support zone.
The current and short-term view using the TradeFlow chart is the 1-tick TradeFlow bars with the CQG ChartTrader. I have added the new CQG Order Ticker (available in CQG 7.7).
My two custom studies are set to look back periods of 5-TradeFlow bars. At the time this image was taken, the market was trending lower. There are some signs of buying. The green buy volume is dominating the red sell volume line of the TFVCrss study.
The short-term TradeFlow view can change very rapidly.