HXPM Gold market reviews on 11 May, 2011: Upward adjustment seen

Daily Gold Review (2011.05.11): http://hx9999.com/en/trend_721.html

Market Reviews of the Pervious Day:
During NY session on 10 May, the dollar index adjusted after certain recovery. Short-term corrections were seen in the majorities. Market focus returned to European debt crisis.
Gold extended uptrend on 10 May. Defensive demand lifted on rumors about Greece financial status. Technical trend remained while performance was likely to be fluctuated.
Key Economic Data and Events:
GMT+8 13:00 Japan Leading Indicator (Mar)
GMT+8 14:00 Germany Consumer Price Index (Apr)
GMT+8 16:30 U.K. Balance of Payments (Mar)
GMT+8 17:30 U.K. Central Bank’s Quarterly Inflation Report
GMT+8 20:30 Canada Balance of Payments (Mar)
GMT+8 20:30 U.S. Balance of Payments (Mar)
Gold:
Gold opened at 1513.14 USD on 10 May, with intra-day Low at 1506.47 USD and intra-day High at 1519.43 USD, eventually closing at 1516.07 USD. Intra-day range of 12.96 USD was seen.
Gold extended uptrend on Tuesday. During the Asian session price held above the moving averages in daily chart so reckoned a clear upside bias, with apparent sideway movement.
correction would be seen before upmove so buy on dip would be the best strategy.
Trend could be determined only after all current lower supports broken and upper resistances confirmed. At the moment investors should continue small size sideway trading strategy within range.
Trading suggestions:
Sideway trading strategy in wide range is recommended before trend confirmed. Another option is to await the toppish to sell on rally. Long positions could be held with profit lock-in tactics.
Silver: upward adjustment seen
Silver opened at 37.81 USD on 10 May, with intra-day Low at 37.51 USD and intra-
day High at 38.81 USD, eventually closing at 38.51 USD. Intra-day range of 1.30 USD was seen.
silver extend recovery in third session after previous excessive loss. Yet pressure was seen at the upper of the moving average system according to daily chart. Change in market sentiment was signified.
Overall corection should continue.
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:
Awaiting the toppish to sell on rally is suggested according to gold trading strategy. Long positions could be held with profit lock-in tactics.