Gold Testing Support Zone
Since my last write up, gold has broken the demand line of the uptrend channel and the nearby support zone. Now, the market is testing the next support zone on the daily chart. The current action has taken the RSI reading to below 50. Markets in uptrends will often move into corrective phases that produce RSI readings below 50, but the RSI will turn back up from above 38.
The Aggregated TradeFlow chart is set to 5-ticks range (available in CQG 7.5) with my two custom studies plotted. Today, the market has formed a resistance zone and a second, lower resistance zone. As I write this, the support zone shown has been broken. Sellers are in control as the sell volume line (red) of the TFCross study is running at higher levels then the buy volume line (green).
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 moving down. The red sell volume is dominating the green buy volume of the TFVCrss study.
The short-term TradeFlow view can change very rapidly.