Global X Funds Gold Explorers ETF Poised For More Gains

etfs etfsMorpheus Trading: Commodities continue to impress, and yesterday we added the Uranium ETF ($URA) to our portfolio on a continuation breakout. We are looking for a move to $22 if the price and volume action remains strong.

We have one new setup on today’s watchlist in ($GLDX), which is the Global X Gold Explorers ETF. $GLDX is consolidating in a tight range above the rising 20-day EMA after breaking out above the 200-day MA on heavy volume. We are looking for $GLDX to resume its uptrend after three to four weeks of sideways action:

$GLDX TIGHT ACTION

The weekly chart below shows the bullish breakout on the weekly chart on big volume. The past two weeks have produced lower volume, while consolidating in a tight range. Also, the 10-week MA has crossed above the 40-week MA, which is a bullish trend reversal signal:

$GLDX WEEKLY BREAKOUT

The long-term monthly chart of $GLDX shows the break of downtrend line and the biggest spike in volume over the past few years during last month’s close above the 10-month moving average:

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