In the gold sector there seems to be divergence between the gold price and the price of the miners. The gold price didn't break out above $1345 on Monday and is still below that level, while miners have been making higher highs since Monday.

It appears the shorts in the miners are starting to get nervous and are covering. Meanwhile the shorts in gold still believe in $1000 gold and remain short.

A funny option expiry week with lots of nervous participants. It seems all very bullish to me.