Gold Maintains the Sideways Trend
Gold is locked between a near-term support and resistance zones. The RSI readings for the past three weeks are 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 below 38, which indicate downside momentum. The market has yet to trace out RSI pivot lows above 38, so the trend is still down. When the RSI forms a pivot low above 38, a trading range will be flashed.
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 edging higher. Traders are lifting offers. The green buy volume line is peaking above the red sell volume line of the TFVCrss study.
The short-term TradeFlow view can change very rapidly.