For investors seeking momentum, SPDR S&P Metals & Mining ETF (XME Quick QuoteXME - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 68.8% from its 52-week low price of $38.65/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

XME in Focus

The underlying S&P Metals & Mining Select Industry Index represents the metals and mining sub-industry portion of the S&P Total Market Index. The S&P TMI tracks all the U.S. common stocks listed on the NYSE, American Stock Exchange, NASDAQ National Market and the NASDAQ Small Cap exchanges. The Metals & Mining Index is a modified equal weight index. The product charges 35 basis points in annual fees.

Why the Move?

Due to the war between commodity-rich Russia and Ukraine as well as the coronavirus threat, supply chain is still unstable. But the high demand for metal has kept the space charged-up.

More Gains Ahead?

It seems that XME might remain strong given a positive weighted alpha of 73.20. As a result, there is definitely still some promise for risk-aggressive investors who want to ride on this surging ETF.