Given the apparent structural rotation out of US Tech and SPX stocks underway, into EUR and Commodities (hard assets), when we couple this with the below price action on the weekly chart (retest of support on low volume and sustaining upward momentum on high volume), AMI's price momentum is higher probability of continuing its move up given the above.
Gold has hit natural resistance level at 3k, but the long candles suggest it is accelerating. Volume of Gold into the US from London have hit a record volume (interesting for a 'relic' asset) and the wait times have blown out. Copper price action is also suggesting momentum will continue to the upside.
The only headwind to watch out (outside normal risk management criteria) is any acute liquidity issues that will cause significant draw downs on all assets.With NDX and SPX trading under the daily MAs, its a good idea to watch consolidation underneath before downward continuation, which appears likely.
(20min delay)