Barclays Capital Sentiment Quotations

Prices should continue to consolidate in the wide range of $535-$555 in the near term, though the underlying sentiment remains bullish and downside appears limited at present.

Much of gold's recent rally has been supported by positive investor sentiment in light of rising oil prices, inflation concerns and geopolitical volatility, and we do not expect these supportive macro-factors to dissipate in the near term.

Given the renewed interest in commodities and positive sentiment in gold, price risks for the (platinum group metals) are still very much on the upside, in our view.

Given the overall positive sentiment and an apparent lack of interest to short the marker aggressively, we see further room on the upside.