Aussie Gold stocks are up today but is it too early

Local Aussie gold stocks are on the move up today on some bargain hunting. Are the bulls jumping the gun though and setting up for more disappointment? The anchor to the downtrend is at 2540 on Aussie gold and price is extended into support around 2335 which is yet to prove it will hold. If the Aussie swings higher again, we expect that Aussie gold will pressure lower and may trigger a stop run below 2335 to clean out some buyers. Gold in USD terms is under pressure also so we may see more downside to come yet.

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