GDX - the Gold Miners ETF - on the rise

GDX – the VanEck Vectors Gold Miners ETF – is moving in an ascending trend, defined by the two blue lines.

A few sessions ago GDX moved above the upper channel limit and is currently on its 10- day exponential moving average. The candlestick formation that we show in the orange circle is a bullish one, as the second candlestick indicates that the bulls reacted strongly and gave the first sign of their determination.

MACD also tells us that, despite the correction, GDX hasn’t lost its momentum and is still moving above its signal line.

Finally, the ETF’s Relative Strength is still above its 20- day exponential moving average