HXPM Gold market reviews on Apr. 12th, 2011: Structural adjustments

Daily Gold Review: http://www.hx9999.com/en/trend_675.html

Market Reviews of the Pervious Day:
During NY session on 11 April, the greenback rebounded as the U.S. government reached an agreement towards the financial budget. Yet the gains in dollar should be limit due to the U.S. debt limit concerns. Meanwhile the risky currencies were also under pressure.
Gold fe11 sharply on 11 Apr on stronger dollar and profit taking. The commodity had risen 3.2% last week with the support of factors such as inflation expectation, Middle East unrest, European debt woes, etc.. Investors tended to take profit folloing the records, restricting the room to advance further.
Key Economic Data and Events:
GMT+8 14:00 Germany Consumer Price Index (Mar)
GMT+8 16:30 U.K. Consumer Price Index (Mar)
GMT+8 16:30 U.K. Balance of Payments (Feb)
GMT+8 17:00 Germany ZEW Economic Climate Indicator (Apr)
GMT+8 20:30 Canada Balance of Payments (Feb)
GMT+8 20:30 U.S. Balance of Payments (Feb)
GMT+8 21:00 Canada Decision on Central Bank's Rate
Gold:
Gold opened at 1475.50 USD on 11 Apr, with intra-day Low at 1459.72 USD and intra-day High at 1476.40 USD, eventually closing at 1462.96 USD. Intra-day range of 16.68 USD was seen.
Gold retreated sharply on Monday, closing with a long bearish candlestick with accumulated downside pressure.
Profit taking occured mainly due to stronger greenback and slipping oil price. Moreover, the financial budget reached to an agreement in the mid-night of 8 Apr, preventing shut down of the U.S. government at 1 hour before the deadline. Certain safe haven buying withdrew as a result and ceiling selling took place instead.

Technically the uptrend since 1 Apr could be devided into 5 parts. It's normal oversold condition would bring rebound later. The moving range shifted to 1475-1450 USD currently.

There was apparent upside trend according to daily chart while technical indicators had been recovering. Yet upside momemtums reduced.
Trading suggestions:
Moderate long positions is suggested at the lower of the range of 1475-1450 USD with sideway trading strategy. The upward trend should have ended in short run.