HXPM Gold market reviews on Apr. 26th, 2011: Correction occured after surging high

Daily Gold Review: http://www.hx9999.com/en/trend_697.html

Market Reviews of the Pervious Day:
During NY session on 25 Apr, the greenback rebounded slightly. Dollar index moving sideway around level of 74. Narrow moving ranges were seen in the majority. Trend should depend on interest rate decision of the Federal Reserve announced at GMT+8 00:30 and News Press held at GMT+8 02:15 on Thursday.
Gold ended in red on 25 Apr. Technical divergenceand profit taking cause gold erratic fell down. Pressure of correction was increasing.
Key Economic Data and Events:
Astralia - Public Holiday
GMT+8 14:00 Switzerland UBS Consumption Index (Mar)
GMT+8 14:00 Switzerland Balance of Payments (Mar)
GMT+8 22:00 U.S. Conference Board Consumer Confidence Index (Apr)
Gold:
Gold opened at 1509.75 USD on 25 Apr, with intra-day Low at 1502.19 USD and intra-day High at 1518.26 USD, eventually closing at 1507.20 USD. Intra-day range of 16.07 USD was seen.
Gold retreated after surging high yesterday. Downtrend extended in the Asian session, quoting 1494.30 USD.
Technically uptrend stayed firm according to daily chart but correction was likely to continue.
Price tended to test the support from the connection of day highs of 7 Mar as well as 11 Apr and the lower of the uptrend since 1 Apr around 1492 USD. The next support level should be distributed at about 1476 USD.
Trading suggestions:
Longing is suggested at about 1490 USD with sideway strategy.