The miners are playing by the old rules and it looks like Gold is busy defining a new trading character. They are, prehaps rightly, (like Bob) cautious here. They will likely get a bump from short covering if gold keeps this up.
I wouldn't short here at all, for some odd reason gold is going to break new highs soon. The only thing that would get me wrong is the China-US trade. Latest "BREAKING: US Trade Rep. announces that some of the 10% tariffs will be delayed until December 15. Cell phones, laptops, video games, certain toys, and certain shoes/clothes won't be hit until Dec. 15 (aka after the big holiday rush to ship products from China)"
Gold 4H - Well, well, well... some one is crapping their pants. All guns blazing on the Comex in the biggest down 4 hour candle in quite some time. The HUI and GDX response was telling. While they where selling prior to the belting they were not selling so much after the belting. The HUI had a squat candle and the GDX saw some good buying off the low. Huge volume down prior and stuff all after. Thier main problem is that those in gold at this point in time are of high conviction. All they are achieving is setting up the short squeeze that will propel us higher in the end.
DXY 4H with Gold - Leveraging the pop in the greenback no doubt! .... but the correlation guys, the correlation! It's a brave new world for the goldbugs, USD goes up and so does gold, USD goes down and gold goes up! WTF?! LOL.