After selling off since early November, gold and its related ETFs are showing signs of life on Tuesday, rallying along with stocks and index ETFs on the first day of December, as bonds tumble.

Gold futures jumped in trading Tuesday, climbing more than 2.3%, amid significant short covering in the futures market, as well as bottom picking in the cash market. After a considerable drop in November that drove gold to a five-month low and silver to a nine-week low to close the month, bulls are now expressing interest in the commodities.

Both precious metals have been rallying strongly on Tuesday, with February gold futures last up over $40.00 to trade at $1,821.00.

There are several factors that may be contributing to the outperformance of gold today, such as stocks lawmakers collaborating on a potential financial stimulus package for Americans, something that has proven fruitless recently.

A precipitous drop in the U.S. dollar index to a 2.5-year low today is also bolstering the lustrous metal, and Bitcoin is seeing some serious action, with the crypto approaching its 2017 highs near $20,000.

Some are favoring Bitcoin as the new safe-haven gold however, which could keep gold in a downtrend. Reports also indicate that the lustrous metal has seen three consecutive weeks of gold-backed ETF outflows.

“Technically, February gold futures bears still have the overall near-term technical advantage. Prices are in a fledgling downtrend on the daily chart. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at $1,850.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $1,767.20. First resistance is seen at $1,825.00 and then at $1,850.00. First support is seen at $1,800.00 and then at today’s low of $1,778.40,” said Jim Wyckoff of Kitco News.

No matter your position on gold, there are ETFs available to trade it. For gold bulls, the VanEck Merk Gold Trust (OUNZ), the SPDR Gold Shares (NYSEArca: GLD),and theSPDR Gold MiniShares (NYSEArca: GLDM) are wise options, while, for bears, the Direxion Daily Gold Miners Index Bear 2X Shares (DUST) is a popular choice.

For more market trends, visit ETF Trends.