I think GDX and GDX are not out of the woods yet. I still have sells on them. I think the rallies were knee-jerk short covering. USD is still in its up channel. XEU (Euro) retested its broken wedge support.
I don't think this rally is just short covering. There was a lot of people waiting for gold miners correction. Now they buy. I think 2 week bottom was put in place. It's possible new lows is coming next 4-5 weeks. 9/7/16
Big problem for USD index is the difference of money supply growth rate in US and Europe. It 's rising in US and is declining in Europe. USD index chart looks bullish, fundamentals is weak. I don't know for sure where USD is coming. 9/7/16
http://cdn.socialtrade.com/comsys/imgs/160907-Euro_bGySZn_m.jpg