By Annie Pei
Gold mining stocks have skyrocketed this year, and at this point investors might want to wait before hopping into the hot trade.
"Gold stocks are still in a primary uptrend, but have been pulling back recently with the other defensive areas of the market," MKM technical analyst Jonathan Krinsky said Monday on CNBC's "Trading Nation."
Yet even with a recent dip, the popular GDX ETF tracking the miners has surged 115 percent in 2016.
At this point, "if you're looking to buy it, maybe wait for a test to the 50-day moving average, which is rising," said Krinsky. "It's around $29, and we haven't tested that since May. So if we get a test there, that probably would be a good entry point."