Gold Holds Gains
Today, gold is challenging the highs of the past three trading days, which is also in the resistance zone formed the last trading day of February. The RSI readings are signaling that the momentum is shifting upwards.
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 market has stalled out at the resistance zone formed last week, while the support zones have brought out buyers. The recent RSI readings traced out pivot lows below 38 and below 62. That indicates the resistance zone should hold, unless the RSI closes back 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 taken, the market was moving sideways. The green buy volume and the red sell volume line of the TFVCrss study are simply tracking each other. This is trading range behavior.
The short-term TradeFlow view can change very rapidly.