Planet Red has head-to-head edge on Observer

But it does not mean Price has given up on his quest to land a fourth win in the Group 1 Australian Guineas (1600m) at Flemington on Saturday.

"He's a nice, uncomplicated gelding and he'll show up, but everything will have to go right for us to turn it around on Observer," Price said.

"My opinion is no I can't (beat Observer) but that is not how we're training him. My opinion is Observer is the clear good horse, and we are there to do our best."

Price previously took out the Australian Guineas with Light Fantastic (2008) and Heart Of Dreams (2009) while his last winner was Grunt in 2018.

He also finished second with Tarzino in 2016 behind Palentino.

The Mick Price and Michael Kent Jnr-trained Planet Red has met Observer on three occasions with Planet Red leading home his opponent on two occasions.

Planet Red scored a debut win from Observer in a maiden race at Pakenham last May then the pair did not meet again until the Caulfield Guineas with Planet Red finishing second with Observer an unlucky third.

Observer went on to win the Group 2 Moonee Valley Vase (2500m) and Group 1 Howden Victoria Derby (2500m) before returning to claim the Group 2 Autumn Stakes (1400m) at Caulfield on February 7, with Planet Red running on from the tail to finish second.

Planet Red was in receipt of 2kg from Observer that day and the pair meet on level terms on Saturday.

"I'm not sure how we beat Observer," Price said.

"We rode our horse cold first-up and I thought it was a very good run, a long-sustained run.

"He's going well and hopefully he can take up a more forward position in the race.

"He's had a good prep for the race, he's sound, he's got good condition on him, and I've got enough horse to go to Sydney for something afterwards, but I haven't worked that out yet."

Price has not ruled out backing-up into the Group 1 Randwick Guineas on Saturday week, although he said it was unlikely.

Price remembers the Gai Waterhouse and Adrian Bott-trained Global Glamour winning two Group 1 races a week apart in different states.

"Normally seven days after a Group 1 here and then a trip up to Sydney would be too close, but Gai did it one year from the Flight to the Thousand Guineas, so anything is possible," Price said.