HXPM Gold market reviews on Apr. 25th, 2011: Correction of bullish trend because of short trend divergence

Daily Gold Review: http://www.hx9999.com/en/trend_694.html

Market Reviews of the Pervious Day:
During NY session on 22 Apr, market was quiet due to the Easter holiday. Trends were under influences of downside movements of dollar index on Thursday. While the greenback slightly rebounded in the later session, the minors tended to fluctuate within narrow ranges.
Gold extended bullish trend on 22 Apr in narrow range. Trade was sparse during holiday thus momemtums reduced. Technical divergence also hindered uptrend of gold.
Key Economic Data and Events:
New Zealand, Astralia, Hong Kong, Singapore, Italy, Switzerland, France, U.K., Germany, U.S., Canada - Public Holiday
GMT+8 22:00 U.S. New Home Sales (Mar)
Gold:
Gold opened at 1504.30 USD on 22 Apr, with intra-day Low at 1502.09 USD and intra-day High at 1511.97 USD, eventually closing at 1507.04 USD. Intra-day range of 9.87 USD was seen.
Gold settled slightly higher and no overnight correction was seen in the recent trend. Range narrowed on Friday with sideway movement.
Technically uptrend stayed firm according to daily chart but short-term divergence was significant. Lower support should be at about 1480-1488 USD.
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 1502 USD with profit taking control. Buy on dip is suggested if there is a chance for the price move down to the support line.