Contrarian investors trying to time a bottom in Market Vectors Gold Miners ETF (NYSEArca: GDX) have been repeatedly burned this year after a more than 40% loss in the fund.

Yet GDX was up 4% on Monday after climbing above its 50-day simple moving average for the first time since November 2012.

Naturally, investors are wondering if this rally is the real thing and if embattled gold miner stocks have finally put the worst behind them. [Gold Rebound Fuels Upturn in Mining Stock ETFs]

On the weekly chart, GDX staged a notable bullish reversal last week right at the right shoulder of a bullish inverse head-and-shoulders pattern, Kimble Charting Solutions said in a newsletter Monday.