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After Yesterday's Rally of 3.30% Shares Could Potentially Pullback

By Shiri Gupta

Market Vectors - Gold Miners ETF (AMEX:GDX) traded in a range yesterday that spanned from a low of $23.08 to a high of $23.61. Yesterday, the shares gained 3.3%, which took the trading range above the 3-day high of $23.01 on volume of 31.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend is tracking the current trend status for Market Vectors - Gold Miners ETF and will alert subscribers who have GDX in their portfolio or watchlist when shares have changed trend direction.

Over the past year, Market Vectors - Gold Miners ETF has traded in a range of $12.40 to $31.79 and is now at $23.57, 90% above that low. Over the past week, the 200-day moving average (MA) has gone up 1.2% while the 50-day MA has advanced 2.2%.

Keywords: rebounders amex:gdx market vectors - gold miners etf

Ticker(s): GDX