GDX keeps going up
Since late April and till the end of June, GDX – the VanEck Vectors Gold Miners ETF – was trading in a narrow range confined in the brown box, roughly between 20 and 21.
Then, suddenly, price broke up and above its Bollinger Band to follow a strong uptrend between its 10-day exponential moving average and the upper Bollinger Band – see the orange box.
On its rally, GDX easily broke above the two blue resistance line at about 21.5 and 23.4.
Even when in the trendless regime, MACD moved above its signal line and then moved to bullish territory as momentum kept going strong.
Just as important, GDX’s Relative Strength has been rising above its 20-day exponential moving average, which is also rising, for about a month.