{"schema_version":"1.0","name":"RMAU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"854af77e-0042-4152-99e8-5f80ba5d57d5","symbol":"RMAU","name":"TRM Physical Gold ETC","exchange":"EBS","country":"CH","asset_type":"etf","currency":"CHF","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Completed returns and cumulative progression, Range expansion and closing direction, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Drawdown and recovery pressure."},{"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":17,"displayedObservations":17,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["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":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"opens":[46.236401,35.32,36.169998,35.314999,34.884998,34.23,32.915001,33.349998,32.244999,33.055,32.66,31.915001,31.915001,32.915001,32.529999,34.709999,35.044998],"highs":[46.236401,36.419998,36.200001,35.314999,34.924999,34.23,32.945,33.349998,32.244999,33.055,32.66,31.915001,33.119999,32.915001,34.654999,35.330002,36.314999],"lows":[44.5592,35.32,35.25,34.880001,34.115002,34.060001,32.915001,33.349998,32.244999,33.049999,32.66,31.915001,31.915001,32.200001,32.16,34.48,34.91],"closes":[45.438301,36.169998,35.25,34.880001,34.924999,34.060001,32.945,33.349998,32.244999,33.049999,32.66,31.915001,32.709999,32.200001,34.654999,35.005001,36.189999],"hoverRows":[[{"label":"Open","value":"46.2","className":"is-ohlc","compact":true},{"label":"High","value":"46.2","className":"is-ohlc","compact":true},{"label":"Low","value":"44.6","className":"is-ohlc","compact":true},{"label":"Close","value":"45.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"35.3","className":"is-ohlc","compact":true},{"label":"High","value":"36.4","className":"is-ohlc","compact":true},{"label":"Low","value":"35.3","className":"is-ohlc","compact":true},{"label":"Close","value":"36.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"36.2","className":"is-ohlc","compact":true},{"label":"High","value":"36.2","className":"is-ohlc","compact":true},{"label":"Low","value":"35.2","className":"is-ohlc","compact":true},{"label":"Close","value":"35.2","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"31.9","className":"is-ohlc","compact":true},{"label":"High","value":"31.9","className":"is-ohlc","compact":true},{"label":"Low","value":"31.9","className":"is-ohlc","compact":true},{"label":"Close","value":"31.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"31.9","className":"is-ohlc","compact":true},{"label":"High","value":"33.1","className":"is-ohlc","compact":true},{"label":"Low","value":"31.9","className":"is-ohlc","compact":true},{"label":"Close","value":"32.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"32.9","className":"is-ohlc","compact":true},{"label":"High","value":"32.9","className":"is-ohlc","compact":true},{"label":"Low","value":"32.2","className":"is-ohlc","compact":true},{"label":"Close","value":"32.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"32.5","className":"is-ohlc","compact":true},{"label":"High","value":"34.7","className":"is-ohlc","compact":true},{"label":"Low","value":"32.2","className":"is-ohlc","compact":true},{"label":"Close","value":"34.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"34.7","className":"is-ohlc","compact":true},{"label":"High","value":"35.3","className":"is-ohlc","compact":true},{"label":"Low","value":"34.5","className":"is-ohlc","compact":true},{"label":"Close","value":"35.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"35.0","className":"is-ohlc","compact":true},{"label":"High","value":"36.3","className":"is-ohlc","compact":true},{"label":"Low","value":"34.9","className":"is-ohlc","compact":true},{"label":"Close","value":"36.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[31.103603,46.249699],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","tone":"neutral"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":17,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-01","price":45.438301}],"reversal_dangers":[{"date":"2026-05-08","price":36.169998}]}},"smTape":{"available":true,"dates":["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":[45.4383,36.17,35.25,34.88,34.925,34.06,32.945,33.35,32.245,33.05,32.66,31.915,32.71,32.2,34.655,35.005,36.19],"consensus":[0.0,54.5454,-100.0,-100.0,-57.3304,-62.1019,-40.3739,-37.7216,-55.5696,-39.4665,-37.6822,-48.6382,0.0,-63.0009,47.7076,29.4564,62.2696],"supportDates":["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":[null,null,null,null,null,-68.8516,-26.4325,-30.5837,-48.8015,-46.1036,-39.6392,-44.9998,0.0,-65.9545,39.1571,17.1389,54.1425],"force":[0.0,54.5454,-100.0,-100.0,-1.9461,-30.6906,-8.9777,-0.4068,-33.0447,-7.3783,-9.4605,-21.93,0.0,-60.5152,95.5874,40.946,85.9415],"direction":[null,null,null,null,-99.6708,-76.8245,-78.7328,-72.5327,-79.3937,-65.3419,-55.6038,-71.8737,0.0,-61.4007,23.2798,35.3267,54.6492],"intensity":[null,null,null,null,25.0,40.0,83.3333,14.2857,75.0,33.3333,10.0,27.2727,83.3333,23.0769,92.8571,86.6667,68.75],"confirmation":[1.5455,40.1212,54.6667,54.6667,38.9254,86.8124,80.1752,56.3758,85.1989,58.0079,79.1684,82.8057,11.8639,88.0395,84.8559,77.9639,55.0],"persistence":[null,null,0.0,25.0,40.0,50.0,57.1429,62.5,75.0,100.0,100.0,100.0,87.5,87.5,62.5,37.5,12.5],"assessmentRisk":[null,null,null,null,20.9125,4.1824,10.4128,3.8616,8.4113,2.8008,13.6473,0.6914,8.7184,14.9152,24.4764,35.1151,18.7692],"volumeParticipation":true,"latest":{"consensus":62.3,"control":54.1,"force":85.9,"direction":54.6,"confirmation":55.0,"persistence":12.5,"assessmentRisk":18.8,"intensity":68.8,"evidenceDepth":65},"analysis":{"status":"Completed tape has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Completed tape","direction":"upward","disagreement":false},"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":"+62.3","detail":"Completed tape has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+54.1","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+85.9","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+54.6","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"9.7","detail":"Stretched negative","tone":"negative"},{"label":"Risk pressure","value":"4.0%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"30%","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 is rotating through its trend references.","series":[{"label":"Close","values":[45.4383,36.17,35.25,34.88,34.925,34.06,32.945,33.35,32.245,33.05,32.66,31.915,32.71,32.2,34.655,35.005,36.19],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,39.7931,38.7507,37.6951,36.9051,36.0578,35.5109,34.9926,34.433,34.1198,33.7707,33.9315,34.1267,34.5018],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,38.1693,37.7271,37.4995,37.3148,37.2314],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,42.4173,42.0068,41.6645,41.3241,41.0238,40.8168,40.6562,40.6273],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,28.0453,27.9883,27.8169,27.8449,27.8046,28.0436,28.2761,28.5078],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"returns","eyebrow":"Observed return path","title":"Completed returns and cumulative progression","description":"Period returns are shown beside the total move recorded across the available tape.","reason":"Selected because direct returns remain fully observable while longer indicators develop.","series":[{"label":"Period return","values":[null,-20.3976,-2.5435,-1.0496,0.129,-2.4767,-3.2736,1.2293,-3.3133,2.4965,-1.18,-2.2811,2.491,-1.5592,7.6242,1.01,3.3852],"stroke":"#176fa3","width":1.7},{"label":"Cumulative 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range","values":[3.6912,3.0412,2.695,1.2471,2.3192,0.4991,0.0911,0.0,0.0,0.0151,0.0,0.0,3.6839,2.2205,7.1995,2.4282,3.8823],"stroke":"#b87806","width":1.8},{"label":"Open-to-close direction","values":[-1.7261,2.4066,-2.5435,-1.2318,0.1147,-0.4966,0.0911,0.0,0.0,-0.0151,0.0,0.0,2.491,-2.1723,6.5324,0.8499,3.2672],"stroke":"#176fa3","width":1.8}],"guides":[{"label":"Unchanged close","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"participation","eyebrow":"Participation","title":"Activity pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because 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