HXPM Gold market reviews on 13 May, 2011: Rebounded after testing trendline

Daily Gold Review (2011.05.13):  http://www.hx9999.com/en/trend_725.html

Market Reviews of the Pervious Day:
During NY session on 12 May, dollar index retreated, adjusting below structural resistance. The majorities performed differentiated and particular currencies might speed up uptrend of the greenback. Market sentiment seemed to change since the  strong rebound of dollar.
Gold ended in green on 12 May on technical reversal. Market sentiment mixed with technical momentum to drive the commodity moving sideway. However the uptrend was not confirmed yet.
Key Economic Data and Events:
GMT+8 13:30 France GDP (1st Q)
GMT+8 14:00 Germany GDP (Previous Value)
GMT+8 15:15 Switzerland Producer and Import Price Index (Apr)
GMT+8 17:00 Euro Zone GDP (1st Q)
GMT+8 20:30 U.S. Consumer Price Index (Apr)
GMT+8 21:55 U.S. University of Michigan Consumer Sentiment Index (May)
Gold:
Gold opened at 1501.23 USD on 12 May, with intra-day Low at 1478.66 USD and intra-day High at 1508.00 USD, eventually closing at 1506.92 USD. Intra-day range of 29.34 USD was seen.
Gold tested the upside trendline since 28 Jan in standard movement. Certain momentum was brought by dip buying and more apparent oscillations were seen.
Trend seemed stronger than silver with sideway pattern. According to Elliott Wave Theory, assuming corrective waves A and B ended and gold had shifted to zone C, the technical target should be at around 1530 USD. But correction might finished any time at the moment.
Buying on dip should always be the best strategy.
Trading suggestions:
Small size long positions are recommended with trailing stop to lock in profit. Investors should observe the overall trend ans continue to sell on rally.
Silver: rebounded after testing trendline
Silver opened at 35.17 USD on 12 May, with intra-day Low at 32.39 USD and intra-day High at 35.90 USD, eventually closing at 34.73 USD. Intra-day range of 3.51 USD was seen.
During the previous session silver tested the medium and long-term trendlines since 24 Aug 2010 and momentum was weak. Change in market sentiment occured according to daily chart.
The continuous of recent correction was not clear but long term trend still remained. Overall correction should continue.
If the level of 32 USD breached silver tended to move to 26.40 USD, and then 21 USD.
Trading suggestions:
Short-term strategy should continue as overall correction was not finished. Silver was expected to retest the lower support.