HXPM Gold market reviews on Apr. 8th, 2011: Long-term strategy remained while gold wobbled before resistance

Daily Gold Review: http://www.hx9999.com/en/trend_670.html

Market Reviews of the Pervious Day:
During NY session on 7 April, the European Central Bank increased base rate by 25 bps as expected despite the deepened debt woes among Euro Zone. Euro pulled back from 1-year high. Yet the greenback slided against the major hedging currencies, especially Yen.
Gold closed about opening on 7 Apr. The commodity made the third consective history but retreated at closing. The recent runs of gold and silver should be the response to the growing inflation fears. The threaten of inflation was signified by the 25 bps interest hike of ECB announced in the early of the session.
Key Economic Data and Events:
GMT+8 16:30 U.K. Producer Price Index (Output) (Mar)
GMT+8 19:00 Canada Unemployment Rate (Mar)
GMT+8 20:15 Canada Housing Starts (Mar)
GMT+8 22:00 U.S. Wholesale Inventories (Feb)

Gold:
Gold opened at 1456.66 USD on 7 Apr, with intra-day Low at 1452.82 USD and intra-day High at 1464.60 USD, eventually closing at 1458.51 USD. Intra-day range of 10.68 USD was seen.
Gold crawled higher on Thursday and made intraday record again, but retreated at closing. It should be noticed that gold could not break through the connection between the high of 9 Nov and 7 Dec last year. Price was consolidating about the resistanat level currently.
Only the fact of upside breakthrough would confirm further upward range. Yet took a view of pattern, the gold would be very volatile after breakthrough
There was apparent upside trend according to daily chart while technical indicators were recovering.
Trading suggestions:
Moderate longing is suggested. Further upside potential would be developed if gold breaches the connection between the high of 9 Nov and 7 Dec last year. Investors should look for buying opportunity afterwards.
Silver: short-term correction thus long-term strategy should persist
Silver opened at 39.54 USD on 6 Apr, with intra-day Low at 39.23 USD and intra-
day High at 39.69 USD, eventually closing at 39.67 USD. Intra-day range of 0.46 USD was seen.
Silver continued to rally at high on Thursday. There were indications of further break through in short run.
Uptrend continued with further improved technical indicators. Target of part of pricing circle should be distributed around 41.50 USD.
Trading suggestions:
Long-term strategy is suggested. The upper target should be 41.50 USD.