Daily Gold Review (2011.05.12): http://hx9999.com/en/trend_723.html
Market Reviews of the Pervious Day:
During NY session on 11 May, dollar index broke through level of 75, closing at 75.30 beyond the 30 day moving average. Major commodities including oil and gold declined on the strengthened greenback, and the former even dropped below 100 USD. Greece seeking financial aid still worried the Euro Zone. Worsestill confidence toward the area was further hit by S&P downgrading Portugal’s credit rating.
Gold settled lower on 11 May under upper pressure. Market sentiment mixed with technical momentum to drive the commodity retesting the support of lower trendline. Performance should remain to be volitile in short run.
Key Economic Data and Events:
GMT+8 13:30 France Consumer Price Index (Apr)
GMT+8 16:00 Euro Zone Euro Zone ECB’s Monthly Report (May)
GMT+8 16:30 U.K. Industrial Production (Mar)
GMT+8 17:00 Euro Zone Industrial Production (Mar)
GMT+8 20:30 U.S. Retail Sales (Apr)
GMT+8 20:30 U.S. Producer Price Index (Apr)
GMT+8 20:30 U.S. Core Producer Price Index (Apr)
GMT+8 20:30 U.S. Weekly Initial Jobless Claims (7 May)
Gold:
Gold opened at 1516.53 USD on 11 May, with intra-day Low at 1496.30 USD and intra-day High at 1526.47 USD, eventually closing at 1501.32 USD. Intra-day range of 30.17 USD was seen.
Gold fell sharply on Tuesday and range widened. Sideway movement appeared more apparently.
The momentum of recent market correction was under observation. According to Elliott Wave Theory, the rebound of gold recently was reckoned as corrective wave A. And buying on dip should always be the best strategy.
End of rebound was signified in the previous session. Awaiting the toppish to sell on rally was recommended.
Trading suggestions:
Moderate short positions are suggested while lower support and momentum from upside trendline since 28 Jan is being tested.
Silver: Approaching support of lower trendline
Silver opened at 38.51 USD on 11 May, with intra-day Low at 35.06 USD and intra-day High at 39.50 USD, eventually closing at 35.17 USD. Intra-day range of 4.44 USD was seen.
Rebound ended under pressure of moving average system. Change in market sentiment occured according to daily chart.
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:
Recent uptrend ended. Investors should close partial long positions for profitwise. Overall corection is likely to continue.
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