Gold Still Holding Within the Resistance Zone
Today, gold is making a third attempt to better the upper line of the resistance zone formed in late February. Generally, if a market cannot move in one direction after three days, it will reverse. However, the RSI readings are peaking above 62. That indicates the trend is up.
The Aggregated TradeFlow chart is set to 5-ticks range (available in CQG 7.5) with my two custom studies plotted. This morning, the market reversed after testing a resistance zone from the recent daily bar’s high. Now, the market is sitting in a support zone. The current readings from the TFVCrss study indicate that traders are pulling back, as both the buy (green) and sell (red) volume lines are running flat.
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 7.5).
My two custom studies are set to look back periods of 5-TradeFlow bars. At the time this image was taken, the market was trading sideways. The red sell volume line is exchanging peak readings with the green buy volume of the TFVCrss study, and that implies a two-way market.
The short-term TradeFlow view can change very rapidly.