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SmarTrend Watching for Potential Pullback in Shares of Market Vectors - Gold Miners ETF After 2.75% Gain

By David Diaz

Market Vectors - Gold Miners ETF (AMEX:GDX) traded in a range yesterday that spanned from a low of $23.87 to a high of $24.45. Yesterday, the shares gained 2.7%, which took the trading range above the 3-day high of $24.02 on volume of 37.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Market Vectors - Gold Miners ETF has traded in a range of $12.40 to $31.79 and is now at $24.32, 96% 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%.

SmarTrend is monitoring the recent change of momentum in Market Vectors - Gold Miners ETF. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Market Vectors - Gold Miners ETF in search of a potential trend change.

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

Ticker(s): GDX