We're seeing an increasing amount of capital in the commodities market in general and gold in particular.

Oil prices and continued inflammatory comments from Iran are driving gold.

Demand related to inflation and safe-haven fears has been driving gold. I particularly believe numerous gold traders are watching the Iranian situation with great interest, since it has both inflationary and safe haven implications.

New buying comes in virtually every time gold turns around.

The gold market held its ground. That it stayed well above $600 in the face of the silver sell-off convinced investors that it's still involved in a bull market.

The gold market is basically struggling to decisively overcome the $600 level. Until we see that, we may see some indecision on the part of traders on how to handle the market.