The hype over Glencadam Gold has disappeared following his Caulfield Cup failure but Gai Waterhouse may still have the horse to deliver her an elusive Melbourne Cup.

British four-year-old Fiorente was put through his paces in front of Waterhouse at Werribee yesterday and the hall of fame trainer was thrilled with what she saw.

“He pleased me immensely,” Waterhouse wrote in her blog.

“I asked James [McDonald] just to breeze him up over 1200m. James returned from the work with his thumb pointing to the sky.

“James told me that the horse had a huge stride and he could not put into words how much he enjoyed riding Fiorente.”

The five-year-old son of Monsun is already guaranteed a start in the Melbourne Cup on the back of strong overseas performances and will carry 53.5kg.

Fiorente has won two of nine starts, with his most recent victory coming in the Group 2 Princess of Wales’s Stakes (2414m) at Newmarket in July where he beat the well-regarded Joshua Tree and 2011 Melbourne Cup runner-up Red Cadeaux.

Emphasising Fiorente’s ability is Joshua Tree’s recent form with the Marco Botti-trained five-year-old having since won the Group 2 Prix Kergolay in France ahead of Brigantin and Shahwardi and the Group 1 Canadian International Stakes.

In other Melbourne Cup news, connections of British stayer Gatewood face a nervous wait today to see what penalty he will receive as a result of yesterday’s Geelong Cup win.

Gatewood currently sits in 41st position in the order of entry and is likely to need a 1.5kg penalty to ensure a place in the Melbourne Cup field.

But many experts suggested yesterday the performance did not warrant such a penalty given the “sit and sprint” manner of the race and the penalties given to past Geelong Cup winners.