"The bottom line is that several factors, including chart patterns, sentiment and momentum indicators show signs of life for both (precious) metals and metals mining stocks," writes technician Michael Kahn.
He notes the GLD - bottoming last month at about the same level as it did in June ($115, or $1,180 per ounce for gold) - is beginning to form a double-bottom chart pattern, though there remains a ways to go before this would be confirmed. The iShares Silver Trust (SLV) is showing a similar formation.
The GDX is notable for a bullish divergence in which the relative strength index rises even as the price action makes lower lows - "the first sign that the bears have lost their power."
"Resilience last week in the face of a rallying U.S. dollar shows that there were forces supporting gold other than simple currency factors."