for chart above:
a) this is my refined IVO, IVO4; probably won't be done with it until IVO9 OR IVO900 (j/k)
b) now I have hard evidence that it is useful and have a novel way of using it
c) as before this analysis is done with 3 tickers for a better shot of the market
d) that is GC1! (gold futures), XAUUSD (IDC spot ticker), and GLD etf adjusted for bar size
e) that means 3H bar in futures and spot = 48 minutes, not counting pre/aftermarkets (that in itself is another headache)
f) please understand that I have no way of noing if these 3 combined would even amount to half the gold transaction in the global marketplace
h) but it does help if they all 3 agree
i) with that said volume says:
1) the call should be long, but not totally ready yet
2) of the 3, the heaviest buying is in the ETF
3) followed by spot ticker
4) while futures is where the selling is going on
5) so whoever trades gold in futures, they are one week behind the trend
j) so that's all you can really gather from that
k) there are so many holes you can poke in whether the raw data can be trusted
l) but I can totally say that under 100-day snap shot, the total picture favors bulls
m) yet, it's not a stretch to say if bulls stall for 7 trading days, they can easily get crushed