Raul gave Real a 33rd-minute lead at the Estadio El Sardinero, but two second-half penalties - the winner coming in the final minute - from Ezequiel Garay turned the game in Racing's favour.

With Barcelona beating Real Mallorca 1-0 on Sunday, Real now have it all to do if they are to wrest the league crown from their arch rivals.

However, Raul is not ready to throw in the towel just yet.

"The defeat was a major setback for us," he said on realmadrid.com, "but there are still some games left and none of the leading teams seem to be very consistent.

"Barcelona earned an important victory but nothing is decided yet. The next three games will determine if we can still win the league or not."

Those next three games will be tough, however, as Real face fellow title challengers Valencia and Sevilla either side of a visit to Athletic Bilbao, who are battling to stay above the drop zone.

Despite the lingering frustration from Saturday's loss, Raul insists the players have turned their attention to facing Valencia next weekend.

"We have already forgotten about it and we only think about the fact that we will have to play another game against a great team and that not winning three points at home will make things very hard for us, both to win the title and to qualify for the Champions League," he said.

"We were all disappointed on Saturday, but we must move on."

Raul also addressed the issue of whether he might be moving on for good come the summer, with a fresh round of speculation linking the 29-year-old - who has spent his whole career in Madrid - with a move away.

"My future is here," Raul insisted. "I am excited about being at Real Madrid and I still have three more years on my contract.

"I'm not worried because the club hasn't told me anything. I know some rumours say the club actually wants me to leave, but I don't know where they come from. I think I have proven my devotion to this club and I don't intend to leave any time soon."