On our analysis on the 03.06 we indicated that we saw Gold breakout of a falling wedge and prices have kept rising due to increased expectation of a rate cut in the US and tensions in the middle east as two ships were attacked in the Persian golf. However, Gold has fallen from today's high at around $1357 in particular due to relatively strong retail sales and upward revisions that could potentially lessen the chances of US rate cuts. Therefore we maintain a neutral view on Gold whilst monitoring how the market develops in the coming days.