The Gold Miners ETF (GDX) - Get Report is on solid ground and is poised for a fresh rally leg. The Gold ETF (GLD) - Get Report is also setting up well for further gains, but remains range bound. Here's a quick look at both of these indexes. 

The GDX is fading a bit today after last week's strong performance. The index is off just over 1.25% but is still well above nearby support. Last week the GDX traced out a four-day winning streak with the help of a steady flow of upside volume. This healthy action drove the GDX back above both its 50- and 200-day moving average. If the index can continue to attract attention above these key moving averages, a move into new 52-week high territory is ahead. As this plays out, GDX investors should consider the index a low-risk buy near current levels.

There is a very solid support zone now in place between $22.70 and $22.20. On the downside, a close back below $22.00 would violate the August lows, indicating more sideways chop is on the way.

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The GLD is a much more volatile index than the GDX. Last week GLD was also quite strong and is giving back a bit of the gains Monday. The big move last week left behind layers of support; it is now set up well for a clear break above heavy resistance near the June peak. Until then, the GLD remains rangebound but is on solid footing.

In the near term, investors should view a pullback as a low-risk entry opportunity. The GLD has initial support in place near $121.50. This key zone includes the July high as well as a powerful breakout gap left behind after last Wednesday's open. On the downside, a close back below $119.00 would violate the August low, sending a clear warning sign more range-bound action is ahead before a fresh rally leg can begin.

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At the time of publication, the author was long GLD.