1. You are using a chart of the Australian ETF "GOLD", therefore the volume data you are using is the data of Australian investors. That volume data is not linked to the price data - the price of the ETF simply follows the price of spot gold. Also, Australian investors don't represent the 'smart money' in gold. Since that volume does not represent true supply and demand which is essential to VSA, the analysis can't be valid.
2. That volume data does not include the loads of volume occuring in physical gold (bullion) and other global gold markets. Australia is only a small gold market.
3. You are using daily data therefore even if the analysis was valid, it could only be considered in the short term and therfore only useful to traders, not investors, of gold. People are in this thing for the long haul though, and if they aren't IMO they should be.
