Gold futures are down but gold miners and gold ETF are rebounding. Could it be that traders are paying more attention to the physical gold demand and shortages?

Gold has retested its 200 day moving average four times and so far closed above. Interestingly GLD ETF is stronger than Gold Futures price but weaker than Gold miners. 

This suggests alot of bullion investors are seeking to use it as an alternative to physical bullion but alot of traders are still liquidating to meet margin calls.

Refer charts below:
/GC = Gold Futures
GDX = Gold Miners ETF
GLD = Gold ETF