Gold miners ETF's 'key reversal day' pattern warns that rally may be over

New York (Apr 20)  The Market Vectors Gold Miners ETF's intraday swing lower produced a bearish "key reversal day" chart pattern, which warns that the rally may be over. The gold miners ETF (GDX) rose as much as 2.4% intraday to a 19-month high of $23.82, before reversing to close down 1.8% at $22.84, below the previous session's intraday low of $22.92. Many technicians believe this marks the end of the previous uptrend. A close above the pattern's high--$23.82--would be needed to negate the bearish reversal signal. The GDX has soared 78% over the past three months, far outpacing the 13% gain in the SPDR Gold ETF . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this
 news.

Source: finanzen.at