There production costs rose more than the market expected. Also there isn't any direction in the Gold price at the moment. Wait for the 5 day moving average to cross the 10 day moving average from below before you go long.
I think uncertainty in the current trading range of gold, might answer some questions. Gold is stuck between resistance at $620 and $570/580. It can go both ways, and most people it seems to expect it to go south. Gold needs to build a base at current levels, before I suspect it moving higher anytime soon. It seems that gold shares are discounting this risk into the current price, but I could be wrong. I'm waiting for a move above the $620 levels. If current $/R prices remain gold shares will shoot the lights out. omo