{"schema_version":"1.0","name":"GSM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"39655a13-3d05-4f82-8009-04e806fe9bb7","symbol":"GSM","name":"UBS Solactive US Listed Gold & Silver Miners UCITS ETF USD acc","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Strength versus the research benchmark, Drawdown and recovery pressure, Range position and boundary pressure, Activity pressure and cumulative balance, Acceleration, deceleration and rollover."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-21","observations":73,"displayedObservations":73,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","evidenceAlignment":{"status":"Repair in progress","headline":"Market Dynamics is improving but remains below zero","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","take":"Continued repair would strengthen the upward case. Renewed weakness would leave price ahead of the underlying position.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[1.349285,1.794025,1.526358,1.118274,0.770572,0.328163,0.376127,0.397251,0.412265,0.56741,0.424683,0.336966,0.402324,0.503124,0.758642,1.071115,1.256774,1.395608,1.438897,1.546683,1.472123,1.079666,0.50412,-0.135244,-0.583222,-0.73927,-0.737098,-0.713671,-0.88647,-0.966396,-1.055907,-1.088235,-1.047541,-1.17157,-1.313975,-1.441074,-1.708026,-1.830772,-1.862466,-1.839251,-1.864917,-1.855601,-1.397365,-0.870901,-0.226511],"opens":[11.58,11.88,10.85,11.0,11.26,11.69,11.26,13.03,12.53,13.16,13.582,13.51,13.358,14.64,15.47,17.049999,13.112,15.148,15.634,16.68,19.002001,15.508,15.05,11.798,13.772,14.708,15.248,15.21,14.484,13.39,14.44,13.534,13.504,13.3,12.012,12.782,11.968,12.57,11.748,10.986,10.872,11.712,11.37,13.79,13.95],"highs":[12.85,12.731,11.06,11.0,12.18,11.9,12.76,13.03,13.5,13.4,14.01,13.65,14.408,15.364,16.43,17.337999,15.57,16.271999,16.450001,18.136,19.125999,16.594,15.238,14.002,15.104,15.928,15.728,15.3,14.524,14.882,15.294,13.944,14.128,13.582,12.46,12.858,12.208,12.68,11.804,11.042,12.016,11.912,13.716,14.224,15.784],"lows":[11.58,10.398,10.01,10.408,10.912,10.85,11.2,12.17,12.06,12.732,13.502,12.79,13.314,14.51,15.296,14.3,13.0,14.758,14.814,16.502001,16.316,14.97,12.57,11.778,13.694,14.586,14.894,14.184,13.364,13.368,13.722,13.07,13.144,12.722,12.012,12.434,11.948,12.51,11.724,10.918,10.872,11.082,11.18,13.446,13.53],"closes":[11.746,12.731,10.78,10.626,11.534,11.148,12.758,12.51,12.876,13.378,13.502,12.79,14.332,14.92,16.358,14.79,14.668,15.762,16.096001,17.940001,16.066,15.022,12.764,13.61,14.896,15.458,15.592,14.49,13.59,14.514,13.762,13.33,14.082,12.722,12.46,12.5,12.208,12.674,11.752,10.98,11.748,11.208,13.702,13.718,15.646],"hoverRows":[[{"label":"Open","value":"11.6","className":"is-ohlc","compact":true},{"label":"High","value":"12.8","className":"is-ohlc","compact":true},{"label":"Low","value":"11.6","className":"is-ohlc","compact":true},{"label":"Close","value":"11.7","className":"is-ohlc","compact":true},{"label":"Market 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Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 19.0% across 3 completed cases, with the largest move arriving after 5.3 weeks on average.","approach":"Define the price level that would confirm the repair. 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history."},"events":{"positioning_recoveries":[{"date":"2025-11-28","price":12.758}],"reversal_warnings":[{"date":"2026-02-27","price":17.940001}],"reversal_dangers":[{"date":"2026-03-06","price":16.066}]}},"smTape":{"available":true,"dates":["2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"close":[6.895,6.321,6.321,6.798,6.566,6.566,6.434,7.043,7.046,7.556,7.7,7.573,7.12,7.326,7.576,7.625,7.771,7.573,8.53,8.451,8.81,9.172,9.59,10.206,10.502,11.04,11.368,11.364,11.746,12.731,10.78,10.626,11.534,11.148,12.758,12.51,12.876,13.378,13.502,12.79,14.332,14.92,16.358,14.79,14.668,15.762,16.096,17.94,16.066,15.022,12.764,13.61,14.896,15.458,15.592,14.49,13.59,14.514,13.762,13.33,14.082,12.722,12.46,12.5,12.208,12.674,11.752,10.98,11.748,11.208,13.702,13.718,15.646],"consensus":[-100.0,47.9319,0.0,-100.0,-34.0916,0.0,-25.6142,55.5103,24.2819,68.0265,55.2216,14.3893,-29.6602,23.0254,37.4174,37.115,52.0393,0.0,78.1834,34.5999,76.4941,79.5151,65.0969,78.5746,78.287,76.8381,72.5065,33.1204,55.635,79.2709,-17.5988,-10.9534,38.523,-16.4497,74.7609,20.7115,47.0891,63.07,22.7388,-8.0934,74.2821,54.5549,77.7454,0.0,21.9271,50.7998,33.1603,69.6102,-15.6291,-26.1261,-66.1794,0.0,27.1651,25.0274,28.6278,-18.3916,-41.4995,10.1913,-38.6122,-33.9678,17.6786,-54.2383,-18.7822,-34.4589,-21.9403,0.0,-43.3487,-45.6266,0.0,-55.4434,60.2382,22.2719,73.4766],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"control":[81.2033,54.4253,74.997,76.2884,71.6302,65.7148,18.091,36.5366,73.7746,-9.3429,-7.3697,41.6227,-8.3038,75.4059,12.7919,41.2975,63.8595,12.2079,-18.7894,78.2586,48.3051,83.1577,0.0,22.7444,53.4032,45.1135,77.3965,-24.9365,-25.911,-59.8998,0.0,35.2724,29.2532,29.2244,-29.912,-44.3528,23.6415,-36.744,-32.5833,23.3791,-61.0568,-5.1427,-38.0621,-6.8434,0.0,-48.0455,-44.112,0.0,-51.8127,54.8215,14.9294,72.5387],"force":[89.263,70.7906,87.0589,82.971,81.8178,73.2444,3.6938,60.5066,95.2014,-65.6867,-25.4758,52.0301,-49.7614,97.1929,13.2889,47.5079,68.3785,0.7573,-44.7149,90.5731,55.7618,82.7185,0.0,7.6864,52.4387,16.8461,66.7723,-78.1558,-51.8433,-94.3016,0.0,66.7828,29.8569,23.5999,-25.483,-38.6542,28.6457,-42.6528,-27.3757,39.1237,-49.2953,-2.5076,-15.08,-2.2123,0.0,-29.0255,-27.4274,0.0,-63.8552,97.6844,6.9283,94.2193],"direction":[70.6229,73.226,76.6029,77.2254,79.233,79.7413,76.5928,73.982,74.1732,-7.3143,-4.6758,25.3327,-1.9651,58.001,54.0486,53.4088,58.376,51.5569,-30.2887,58.1011,60.8355,68.0078,0.0,31.165,46.6539,31.1526,62.7387,-39.67,-8.0024,-53.2689,0.0,10.3988,16.7482,31.5373,-0.1602,-40.2711,18.3622,-37.861,-40.2588,4.1542,-49.9763,-49.5771,-44.1829,-53.2854,0.0,-48.2117,-60.3569,0.0,-53.5842,39.6815,41.623,59.7323],"intensity":[66.6667,81.8182,82.6087,33.3333,88.0,38.4615,55.5556,89.2857,100.0,100.0,38.7097,93.75,36.3636,97.0588,82.8571,50.0,67.5676,73.6842,71.7949,95.0,92.6829,92.8571,95.3488,97.7273,95.5556,23.913,97.8723,97.9167,100.0,98.0,78.4314,94.2308,61.5385,17.3077,69.2308,61.5385,63.4615,51.9231,76.9231,50.0,76.9231,65.3846,25.0,34.6154,32.6923,55.7692,46.1538,61.5385,25.0,98.0769,94.2308,90.3846],"confirmation":[93.7162,89.1671,93.4569,93.225,92.8193,91.328,55.8269,86.2427,93.9359,54.1167,26.6689,80.6918,51.7366,92.5973,31.2138,83.1695,88.3322,52.2157,32.6713,92.2062,85.5896,92.9476,38.0223,51.9036,84.2662,77.932,90.0701,37.8946,77.1474,90.1302,32.485,34.6618,76.0915,76.9986,51.2592,81.1497,30.2026,80.5075,78.6899,52.4434,85.1017,28.7709,78.3813,29.3164,29.1635,81.3635,82.0689,34.8024,86.0536,88.5,52.1046,44.64],"persistence":[87.5,87.5,87.5,87.5,100.0,100.0,100.0,100.0,100.0,75.0,50.0,50.0,25.0,25.0,25.0,25.0,25.0,50.0,50.0,50.0,75.0,75.0,62.5,62.5,62.5,62.5,87.5,62.5,37.5,12.5,12.5,12.5,12.5,12.5,12.5,12.5,12.5,12.5,0.0,0.0,25.0,50.0,50.0,50.0,62.5,62.5,62.5,75.0,75.0,50.0,25.0,0.0],"assessmentRisk":[10.2342,17.2774,10.7076,10.8512,11.5807,13.7463,33.3939,22.1616,10.3601,25.5221,34.4443,33.9923,40.5864,11.8616,38.6337,22.8694,18.0353,24.7802,19.9989,8.7096,19.2001,10.8567,52.6389,6.8712,10.9868,30.9182,15.0929,50.6863,15.426,16.3063,49.6874,48.5618,3.6833,34.4563,39.4214,18.8939,37.1875,26.0557,20.3063,12.3066,19.7865,33.4583,21.0178,38.1862,4.1659,16.8751,25.9644,31.6867,20.8253,18.1736,38.5672,13.1972],"volumeParticipation":true,"latest":{"consensus":73.5,"control":72.5,"force":94.2,"direction":59.7,"confirmation":44.6,"persistence":0.0,"assessmentRisk":13.2,"intensity":90.4,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the upward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+73.5","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+72.5","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+94.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+59.7","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"60.5","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"8.1%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"17.0","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"58%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price and its trend 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envelope","values":[null,null,null,null,null,null,null,null,null,6.0111,5.9473,5.9553,6.0018,6.0397,6.058,6.0762,6.0846,6.1133,6.0221,5.9852,5.9189,5.9306,5.935,5.8195,5.7834,5.7477,5.7865,5.8114,5.8621,5.7746,5.9332,6.1436,6.4385,6.7665,6.9829,7.2956,7.6221,8.043,8.3137,8.7466,9.018,9.219,9.1817,9.3935,9.6208,9.7036,9.7675,9.6492,9.8135,9.9233,10.2458,10.7194,11.0922,11.6215,11.8465,12.1218,12.2426,12.3791,12.4181,12.5268,12.4999,12.2107,11.9352,11.6728,11.3844,11.22,10.9574,10.9327,10.8455,10.5967,10.6441,10.6462,10.5727],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"relative","eyebrow":"Relative leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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