I favor holding the hands away from you head at range. One of the reason I dont like some of the High-and-Tight guards (guards that have both gloves high touching the headgear/face) is that:

1. You hands dont move, and its difficult to get a rhythm with your hands this way.

2. If you opponent is strong, he can just blast through your guard

3. You are more commited to blocking, which is the worse (but easiest) form of defense.