NEW YORK ( TheStreet) --Investors have been quietly accumulating the gold miners of late, a play that could begin to pay off big in the coming weeks. The Market Vectors Gold Miners ETF ( GDX - Get Report) soared over 8% on Friday as investors continued to accumulate shares. 

Friday's volume was one of the indexes heaviest positive sessions of the year. In fact, since late July, upside trade has been running very heavy. Over the last 10 weeks, the GDX has posted the most above-average upside volume days in years, all while building what is now shaping up as a major base near the $12.75 area. 

While consistently holding major support near its July, August and September lows, the GDX was developing a divergent bottom in its moving average convergence/divergence indicator. This adds fuel to an already bullish set up. With Friday's gain, the GDX now has as very solid layer of support in place near $14. A close back below last week's low of $13.20 would erase Friday's strong performance and return the index to basing mode.

Investors should consider the GDX a low-risk buy between $14 and $13.50 with an initial upside target of the $16.15-to-$16.50 area. This zone includes heavy resistance near the 2014 low as well as the August spike high.

The top 5 holdings in the Market Vectors Gold Miners ETF are Goldcorp ( GG) ,  Newmont Mining  ( NEM - Get Report) ,  Franco-Nevada ( FNV - Get Report) ,  Randgold Resources ( GOLD - Get Report) and  Barrick Gold ( ABX) .

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Disclosure: This article is commentary by an independent contributor. At the time of publication, the author was long NEM and ABX.