A five-week break between runs is just what Black Caviar has needed to be back to her brilliant best to stretch her winning sequence to 24 on Friday night at Moonee Valley.

The undefeated champion is considered a "good thing" by trainer Peter Moody to add a second William Reid Stakes to her tally and join Kingston Town as a 14-time Group One winner.

But Moody said the gap from her first-up win in the Lightning Stakes to Friday night's event was needed.

"She felt the Lightning run," Moody said.

"It was a hot day and she ran that record time and was a bit jaded."

Ten days out working on a water walker had the champ ready to return to Caulfield and three course proper gallops since have her in what Moody believes is as good a shape as she has ever been in for the William Reid.

The race could be her final start in Melbourne but Moody won't rule out continuing beyond this preparation.

"I think she's going as good as she ever probably has throughout her career," he said.

"The option is there that she could be going to the breeding barn this year but the owners haven't signed off on that so the option is maybe this isn't the last opportunity Victoria gets to see of her."

The Lightning was her first appearance since her narrow win at Royal Ascot in the Diamond Jubilee Stakes which Moody described as "probably the worst of her career".

"I think we had unfinished business post Ascot last year," Moody said.

"So to see her bounce back, run a record and do a hell of a good job like she did - it was nearly overwhelming."

Black Caviar faces six rivals at the Valley including stablemate Karuta Queen, the $18 second favourite.

Should Black Caviar come through the race well a trip to Sydney for the TJ Smith Stakes will be next.

Luke Nolen was indisposed for Wednesday's meeting at Sandown but is expected to be right to ride Black Caviar.

Moody, meanwhile, recently spent six days in hospital due to blood poisoning in a leg.

He got out of hospital early last week.

A crowd of 25,000 is expected at Moonee Valley.

"For a long time she's been putting bums on seats and let's hope she can do it for a while yet," Moody said.