There's been a flow of funds from U.S. bonds to gold, and that is providing support for the market.

Fund operators are shifting back into metals ahead of the new quarter. Many are now targeting to test gold to $600 soon.

Funds are putting more money into oil because of rising geopolitical risk about Iran. Gains in Tokyo reflect records abroad.

Crude today is pushed up by gasoline. Gasoline prices in New York are higher as we approach the driving season, and because of concern that supplies may be limited because of issues with the new specification.

There will be dips as players take profits ... but the market continues to set its sights on reaching $600.

The gold price is now flirting with critical support levels ($532-$535), and it faces a possible short- to medium-term trough – one that could even breach the $500 level.