After a very rough couple of months for the miners, November has treated the sector quite well with a 24% rally from the early November low:

GDX_Daily_11.26.2014

Despite the fact that GDX has rallied 24% in the past 3 weeks the easy part is over. A snapback rally from a capitulation sell-off is par for the course; the tough part will be decisively breaking back above the area of previous support (the breakdown area $20-$20.50). Given that gold and gold stocks are in a period of bullish seasonality through at least the end of next week, it will be interesting to see if the rally can continue and that blue 50-day moving average can begin to flatten out over the coming weeks.