HXPM Gold market reviews on Apr. 18th, 2011: Range movements, previous strategy should remain

Daily Gold Review: http://www.hx9999.com/en/trend_683.html

Market Reviews of the Pervious Day:
During NY session on 15 Apr, curreny market was stable while the greenback moved within narrow range. The majorities maintain technical patterns. The U.S. economic data improved, whereas Greece debt woes deepened. Thus trends of hedging currencies and commodity currencies differed.
Gold ended much higher on 15 Apr. Hedging demand flowed in precious metals against increasing inflation pressure. The session high and closing of gold made records again.
Key Economic Data and Events:
GMT+8 22:00 Euro Zone Consumer Confidence Index (Apr)
Gold:
Gold opened at 1474.55 USD on 15 Apr, with intra-day Low at 1471.73 USD and intra-day High at 1488.13 USD, eventually closing at 1486.84 USD. Intra-day range of 16.60 USD was seen.
Gold soared on Friday, closing with a long bullish candlestick. Uptrend resumed according to daily chart.
The economic data reported during the session indicated that inflation pressure was increasing on rising oil and grain prices. Massive hedging demand therefore flowed into the precious metals against inflation risk.
Technically apparent upside trend was seen according to daily chart while technical indicators had been recovering. Yet price stayed apart from short-term MA and trendline.
Trading suggestions:
The upper of upside range since 15 Mar was triggered and correction may occur. Long-term strategy is suggested but investors should not be too aggressive. Upper of 1490-1500 USD should be the partial target.
Silver: extended uptrend but not timely for long
Silver opened at 42.17 USD on 15 Apr, with intra-day Low at 41.84 USD and intra-
day High at 43.01 USD, eventually closing at 43.01 USD. Intra-day range of 1.16 USD was seen.
Silver continued to rise on Friday, hitting the new record. Uptrend remained according to daily chart but was approaching the upper of upside range since 1 Apr. While price stayed apart from the short-term MA and trendline, support was not likely to be stable.
Trading suggestions:
Investors should continue long-term strategy with profit-taking positions. Short-term buying opportunities are available if standard continuation exists in hourly chart.