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Market Vectors - Gold Miners ETF Rises 3.06% on Heavy Volume: Watch For Potential Pullback

By Shiri Gupta

Market Vectors - Gold Miners ETF (AMEX:GDX) traded in a range yesterday that spanned from a low of $23.55 to a high of $24.14. Yesterday, the shares gained 3.1%, which took the trading range above the 3-day high of $24.08 on volume of 22.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, Market Vectors - Gold Miners ETF share prices have been bracketed by a low of $12.40 and a high of $31.79 and are now at $24.11, 94% above that low price. The 200-day and 50-day moving averages have moved 1.19% higher and 2.19% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Market Vectors - Gold Miners ETF on August 24th, 2016 by issuing a Downtrend alert when the shares were trading at $27.74. Since that call, shares of Market Vectors - Gold Miners ETF have fallen 15.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

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

Ticker(s): GDX