Gold - Fear

To see today's good to v.good initial opening in Aussie Goldies....and now 3 hours into the trading day, to see it all pared back...seems to demonstrate that goldies aren't holding out for further rises in the POG.

Downside risk is much higher than the upside, trend is still down, is my gut feel (unfortunately).

Hard to see such a stellar, solid rise in the GP last Thur/Fri, only to see it go virtually nowhere the following Monday.

I keep thinking about the phase, 'climbing the wall of worry'. Pretty apt given the current state of the Aus gold mining sector...

Thoughts? Or are further AU rate rises spooking the market?