by Jordan Roy-Byrne, CMT
The Daily Gold
Last week we concluded:
As long as the gold stocks continue to hold support for another week or two then the near term outlook is bullish. A bull flag is a consolidation pattern that separates two strong moves. It could be developing in the miners. There is logical reason to be cautious if not bearish at this point. The metals look okay at best while the miners remain somewhat overbought. However, the action in the miners, if it continues for another few weeks is telling us what could be ahead.
The strength in the miners continues to surprise as the majority of pundits look for any reason for a pullback in the face of very bullish price action. The gold miners are now breaking out and Gold is likely to follow.