HXPM Gold market reviews on 10 May, 2011: Reversed upward and sideway movement was seen

Daily Gold Review (2011.05.10): http://hx9999.com/en/trend_719.html

Market Reviews of the Pervious Day:
During NY session on 9 May, dollar index remained strong yet the majorities stabled. Market eyed on European debt crisis again.
Gold continued to rebound on 9 May. Investors were alert to technical patterns of trend. Performance of the commodity tended to be fluctuated.
Key Economic Data and Events:
GMT+8 13:45 Switzerland Consumer Confidence Index(2nd Q)
GMT+8 14:45 France Industrial Production (Mar)
GMT+8 21:30 U.S. Speech of Federal Reserve Governor Elizabeth A. Duke
GMT+8 22:00 U.S. Wholesale Inventories (Mar)
Gold:
Gold opened at 1496.55 USD on 9 May, with intra-day Low at 1490.60 USD and intra-day High at 1514.05 USD, eventually closing at 1513.49 USD. Intra-day range of 23.45 USD was seen.
Gold continued to rebound on Monday with apparent sideway movement. Momentums of partially the initial uptrend would determine the future direction.
Long-term uptrend might remain yet overall correction should continue at least for a month according to daily chart.
Correction structure would be constructed completely only after all current lower supports broken and upper resistances confirmed. At the moment investors should continue small size sideway trading stratege within range.
Trading suggestions:
Technically small size short positions are recommended. Opportunities should exist after correction structure completed.
Silver: reverse upward and sideway movement was seen
Silver opened at 35.52 USD on 9 May, with intra-day Low at 35.38 USD and intra-
day High at 37.99 USD, eventually closing at 37.86 USD. Intra-day range of 2.61 USD was seen.
Silver continued to rebound on Monday. The uptrend beginning from 28 Jan 2011 might have finished and significant correction was coming.
Change in market sentiment was signified according to daily chart.
Lower support of silver should be located at about 33.60-31.22 USD while momemtums remained weak. Momentum of recent market correction and the extension of upside movement were under observation.
Trading suggestions:
Previous strategy should remain with small size short positions. Market is likely to be fluctuated before correction structure completed.