Yes, I see where your coming from. But remember you have to look at the current signals which are showing buying. The area you are looking at failed to confirm selling pressure and we have now bounced off the lower support on high volume which shows buying strength.
The highest volume day out of all of them is showing buying strength and that is the current signal. The previous high volume up bar has now been negated by the current price action. There is plenty of demand at the 1700-1800 level and that shows strength in the chart.
Once again, the ETF is a very bad chart to read as the volumes are low and erratic giving you inaccurate information. The spot charts I have posted show a better picture of the volume that is occurring. There has been no ultra high volume in the past few weeks in the spot gold markets.
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