The funds are still happy to play around at these levels. They expect us to look to test the upside a little bit but I don't necessarily at this stage think we are going to do $500.

If we sustain this break for the duration of the day, then I think we will be looking to test $495 again.

There's definitely more buying in gold, obviously on inflationary fears. The funds have continued to buy.

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.

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.

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.