We can see that the 20DMF is "struggling" today to support the price bounce. On the way down yesterday, sellers were very active. On the bounce of today, buyers are almost not present.

This might mean that funds are ready to start distributing in earnest later this week or next week.

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As for GDX, it is slightly pulling back, but large players do not come back in.
The general market "fear" factor of yesterday has disappeared.

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Pascal