April Comex gold futures (CG J3) have recently seen a solid price rebound from the February low of $1,554.30 an ounce. Prices this week hit a fresh three-week high of $1,615.00 and a two-week-old uptrend line is in place on the daily bar chart. The gold market bulls have gained upside near-term technical momentum recently. Gold has also seen some fresh safe-haven demand surface amid the financial problems in Cyprus.

Gold bulls’ next near-term upside technical objective is to produce a close above solid technical resistance at $1,619.70. Bears’ next near-term downside price objective is closing prices below solid technical support at $1,575.00.

Gold is a very important “outside market” force that has had an influence over many other markets in recent months. My friend and market analysis software pioneer Louis Mendelsohn has been studying this markets relationship phenomenon, called Intermarket analysis, for decades. No trader should overlook or underestimate the importance of the Intermarket phenomenon.

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From an Intermarket analysis perspective provided by VantagePoint Intermarket Analysis software, it appears there will be some more upside price pressure in gold futures in the near term.

VantagePoint is a valuable trading tool for which a trader can glean clues on potential near-term price trend changes or continuation of present trends. These near-term clues provided by VantagePoint can and do give a trader a key edge.

See on the VantagePoint daily bar chart for April gold that the Predicted Medium Term Crossover study shows the blue predicted 4-day exponential moving average is above the actual black 10-day simple moving average close, which is a near-term bullish signal.

The Predicted Medium Term Crossover is the predicted 4-day exponential moving average of typical prices two days ahead (P4EMA+2) crosses above or below the actual 10-day simple moving average close (A10SMA).

Also see at the bottom of the daily chart for April gold that VantagePoint’s Predicted Neural Index (PIndex) is also in a bullish mode, with a reading of 1.00. The PIndex is a proprietary indicator that predicts whether or not a three-day simple moving average of the typical price will be higher or lower two days in the future than it is today. The Predicted Neural Index compares two three-day moving averages to one another – today’s actual three-day moving average with a predicted three-day moving average.

When the predicted simple three-day moving average value of typical prices is greater than today’s actual three-day moving average value, the Predicted Neural Index is “1.00,” indicating that the market is expected to move higher over the next two days. When the predicted simple three-day moving average value of typical prices is less than today’s actual three-day moving average value, the Predicted Neural Index is “0.00,” indicating the market is expected to move lower over the next two days.

The Predicted Neural Index is either correct or incorrect so its performance can be measured in terms of percent correct to produce the accuracy statistics cited for VantagePoint, which has a predictive accuracy rate of around 80% across a wide range of markets and time spans in ongoing research.