The GDX completed what's called a bullish MACD crossover this week. The recent track record of bull MACD crosses in the GDX is pretty damn good; since December 2016 five of the last eight bull crossovers have seen price significantly higher a few weeks later. Moreover, if one refines the filter to only setups in which the Daily-RSI(14) was above the median line and pointing higher at the time of the cross the results are even better as the 'false-starts' get filtered out:
GDX (Daily - December 2016/July 2018)
Throw in the relative strength which the goldies have exhibited in recent weeks, bullish seasonality, and the still fairly weak sentiment and the situation is ripe for more near term upside in the gold mining sector.
Read Also: Rare Double Failed-Breakdown In Gold Miners Sets Stage For Seasonal Rally
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