HXPM Gold market reviews on Apr. 13th, 2011: Short-term oscillations during correction

Daily Gold Review: http://www.hx9999.com/en/trend_677.html

Market Reviews of the Pervious Day:
During NY session on 12 April, the greenback tumbled versus the hedging currencies on Japan nuclear crisis and persisting low yield. Euro rose to the important psychological level of 1.45 USD which was the highest since Jan 2010. Characteristics of technical trends were distinct.
Gold extended losses on 12 Apr on pullback oil price and profit taking. Some analysts adjusted the U.S. economic growth expectation downward. The negative global market emotion hit major commodity futures, pressing down the trend of gold.
Key Economic Data and Events:
GMT+8 13:30 France Consumer Price Index (Mar)
GMT+8 15:15 Switzerland Producer & Import Price Index (Mar)
GMT+8 16:30 U.K. Unemployment Rate (Mar)
GMT+8 17:00 Euro Zone Industrial Production (Feb)
GMT+8 20:30 U.S. Retail Sales (Mar)
GMT+8 22:00 U.S. Business Inventory (Feb)
GMT+8 22:30 Canada Central Bank’s Monetary Policy Report
Gold:
Gold opened at 1463.01 USD on 12 Apr, with intra-day Low at 1446.49 USD and intra-day High at 1467.22 USD, eventually closing at 1453.05 USD. Intra-day range of 20.73 USD was seen.
Gold settled lower on Tuesday, closing with a long bearish candlestick. Price was tentatively supported by the previous neckline of head and shoulders bottom.
Oil plunged in the session as it was believed that high oil price had hindered the demand. While the pullback eased inflation woes, certain safe haven buying withdrew from gold.
Technically gold was predicted to have a correction for the upside market on 28 Mar. Price should move sideway within range 1464-1446 USD, which was between the connection of the highest of 9 Nov and 7 Dec last year and the recent head and shoulders bottom.
There was apparent upside trend according to daily chart but oscillation should occur in short run. Potential divergence of MACD was distinct.
Trading suggestions:
Range trade strategy is suggested within 1464-1446 USD. As short-term uptrend ended correction is expected to remain.
Silver: moving downward to test lower support
Silver opened at 40.25 USD on 12 Apr, with intra-day Low at 39.77 USD and intra-
day High at 40.86 USD, eventually closing at 40. 09 USD. Intra-day range
of 1.08 USD was seen.
Silver continue to fall on Tuesday but range narrowed. The commodity was expected to adjust sideway after end of the short-term upside circle, testing the upper of trendline about 39 USD.
Correction was likely to continue at the moment.
Uptrend remained according to daily chart but signals of divergence in MACD appeared.
Trading suggestions:
Investors should trade within range of 41.95-39.10 USD.