People will be eyeing $450 as the target. It may not be today. It will be very quiet in the States.

We are now looking to target about $534,50, with $539 probably the resistance. But I still think we need to see a break below $525 to see an immediate reversal in the trend.

There's some profit-taking now, but look at where we are. It's broken $520, the target we had yesterday ... looks like $525 is the next target.

There was a significant drive in Japan in recent weeks. People are very happy to be jumping on the bandwagon and basically riding the thing up.

Geopolitical tensions continue to keep people invested in gold. People are content to be long in precious metals than the dollar, or other investments.

It's dizzy high, and we're looking at a very overbought market. We're looking for a correction. It has to come at some point. However, given where oil is, it may well give some support on the downside.