V. 22:3 (56-61): Will The Real XAU Volume Please Stand Up? by James Kellndorfer

V. 22:3 (56-61): Will The Real XAU Volume Please Stand Up? by James Kellndorfer
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V. 22:3 (56-61): Will The Real XAU Volume Please Stand Up? by James Kellndorfer

There’s more to volume than meets the eye. One of the questions facing technical analysts today is deciding which dataset to use. This dilemma, which recently exposed the ugly side of technical analysis with the XAU index, stems from poor standards and definitions, and it is exacerbated by the fact that technicians assume they know what they are working with. Data is now available in so many varieties that a technician must be careful not to overlook the obvious, and it is becoming far too easy to inadvertently mix datasets.


It is common for technicians to use end-of-day quotations, but when was the last time you asked your data vendor what a quote actually represents? Recently, I conducted a study and noticed discrepancies that led me all the way back to the source — the data. So I thought I would share my findings with you.

First of all, what is it you want your end-of-day quote to represent? Do you want a record of all prices from all exchanges, including electronic trading portals and their volume? Or do you want to specify which trading sessions should be included? These questions illustrate the complexity of today’s financial data, and there seems to be no end to the permutations that currently exist.

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