With many of the factors that were considered bullish for gold still in place, the risks for gold are weighted to the upside.

The trade in the gold market is very, very thin, with gold off the lows and the highs of the day at $502/oz and $508/oz.

To beat the former WBO champion, the former 1996 super heavyweight Olympic gold medalist, would be huge. This is the biggest fight I've had in my career. This is definitely my biggest test to date.

Sentiment towards bullion remains overwhelmingly bullish and further short-term gains are likely. A move up towards the February 1983 high of $509 an ounce seems the obvious target.

Clearly the outlook for the currency markets, and in particular the U.S. dollar/euro exchange rate will be critical to the outlook for the gold market,

There has been little clear trend in precious metals prices in recent trading, with the markets recovering when they look the most bearish and stalling when they look the most bullish.