Although CFTC Commitments of Traders data showed a small fall in the total speculative long position, most holders seem to have been willing to stay with the market for the time being.

The market continues to hold in the middle of the $535-$575 range that has held since early January, with the most recent price action suggesting a bias towards a move higher, rather than lower, within this trading band.

Geopolitical tensions have helped to support the price, but otherwise the market is lacking any external impetus.

Buying the dips remains the most profitable mantra in the markets at the moment.

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,

If the market can absorb such a weight of selling, then just imagine what will happen if the funds begin to reinstate long positions.

Once again the gold market has surprised by its resilience. Sentiment towards gold was helped by an early recovery in the base metals markets.

It's quite encouraging to see that platinum is holding up above the $1,000/oz level. Where to from here? We expect it to track gold.

It may well be that the stalling in the gold price rally over the last few days reflects a slowing in inflows into the various exchange-traded funds. With the major source of gold buying drying up over recent days it is hardly surprising that the gold price rally has stalled.

There is very little happening and we're seeing thin volumes today. The market lacks direction; it may continue trading sideways.