Investors are still standing on the periphery of entering into the precious metal markets as the possibility of improved US housing data could signal another wave of renewed confidence in the equity markets. This was reflected in Asia where shares hit their highest mark in over seven months.

Yesterday's US housing data showed an expected rise in confidence among the members of the National Association of Home Builders. However, this index is coming off such a low base that market analysts will look for further confirmation of life in the US housing market from today's scheduled economic releases.

Gold is marking time; however a break out of the $915 - $935 range will set the tone and direction in the short term. For now the medium term range of $870 to $945 remains intact.