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SmarTrend Watching for Potential Pullback in Shares of Market Vectors - Gold Miners ETF After 1.79% Gain

By Nick Russo

Market Vectors - Gold Miners ETF (AMEX:GDX) traded in a range yesterday that spanned from a low of $30.97 to a high of $31.69. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $30.95 on volume of 24.3 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, shares of Market Vectors - Gold Miners ETF have traded between a low of $12.40 and a high of $31.69 and are now at $31.39, which is 153% above that low price. Over the past week, the 200-day moving average (MA) has gone up 1.2% while the 50-day MA has advanced 2.2%.

SmarTrend recommended that subscribers consider buying shares of Market Vectors - Gold Miners ETF on June 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.72. Since that recommendation, shares of Market Vectors - Gold Miners ETF have risen 24.4%. We continue to monitor GDX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

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

Ticker(s): GDX