Gold Testing Upper Side of Resistance Zone
Yesterday, gold traded to the support side of the current five-day trading range and buyers came in. This morning, gold is testing the upper side of the resistance zone formed the last trading day of February. Again, watch to see if the market can close with an RSI reading greater than 62, which will confirm the trend is up. Yesterday, the market closed down, and the RSI formed another pivot high below 62, which is trading range behavior with a bullish bias.
The Aggregated TradeFlow chart is set to 5-ticks range (available in CQG 7.5) with my two custom studies plotted. Currently, the market reversed after testing a resistance zone. The current readings from the TFVCrss study show buyer backing away as the green buy volume line rolled over and crossed below the red sell volume line. And, the TFUmTFD study formed a peak in the resistance 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 7.5).
My two custom studies are set to look back periods of 5-TradeFlow bars. At the time this image was taken, the market was edging lower. The red sell volume line is peaking above the green buy volume of the TFVCrss study.
The short-term TradeFlow view can change very rapidly.