HXPM Gold market reviews on Apr. 22nd, 2011: Correction could occur while long-term strategy continued

Daily Gold Review: http://www.hx9999.com/en/trend_692.html

Market Reviews of the Pervious Day:
During NY session on 21 Apr, as risk appetite buoyed and threaten of inflation increased, the dollar index fell below the level of 74.00. The greenback tumbled to near all time low under pressure from low interest rate and severe budget deficit.
Gold ended in green again on 21 Apr on weakening greenback and investment demand. The metal, as a hedging tool against depreciation of dollar, had consecutively closed at record for 5 sessions
Key Economic Data and Events:
New Zealand, Astralia, Hong Kong, Singapore, Italy, Switzerland, France, U.K., Germany, U.S., Canada - Public Holiday
GMT+8 04:30 U.S. Weekly Change in Foreign Central Banks’ U.S. Treasury Holdings (20 Apr)
Gold:
Gold opened at 1501.37USD on 21 Apr, with intra-day Low at 1500.83USD and intra-day High at 1509.16 USD, eventually closing at 1504.52USD. Intra-day range of 8.33USD was seen.
Gold continued to head higher again within smaller range on Thursday, closing with a short bullish candlestick with upper shadow.
Technically uptrend was firm according to daily chart, but correction might occur in short run.
Upper target should be distributed at about 1546 USD. Yet Long-term buyers should notice that momentums might be exhausted after striving upward. Nevertheless trend seemed to remain at the moment and trade along trend was recommended.
Trading suggestions:
Investors should continue long-term strategy, holding long position at below 1495 USD with profit taking control. Uptrend seemed to remain so trade along trend was recommended.