HXPM Gold market reviews on 17 May, 2011: Narrow range trading

Daily Gold Review (2011.05.17):  http://www.hx9999.com/en/trend_730.html

Market Reviews of the Pervious Day:
During NY session on 16 May, restricted by technical pressure dollar index failed to test the upper resistance and reverse in sideway. Upside momemtum seemed to reduce in short run.
Gold settled lower on 16 May on strengthened greenback and lessened European debt woes. Range narrowed and trading volumn reduced. The sentiment of investors was very weak.
Key Economic Data and Events:
GMT+8 09:30 Australia Report on Federal Reserve Monetary Policy (May)
GMT+8 16:30 U.K. Consumer Price Index (Apr)
GMT+8 17:00 Germany ZEW Economic Climate Index (May)
GMT+8 17:00 Euro Zone ZEW Economic Climate Index (May)
GMT+8 20:30 U.S. Housing Starts (Apr)
GMT+8 20:30 U.S. Building Permits (Apr)
Gold:
Gold opened at 1495.20 USD on 16 May, with intra-day Low at 1487.82 USD and intra-day High at 1504.20 USD, eventually closing at 1489.00 USD. Intra-day range of 16.38 USD was seen.
Range narrowed in daily chart. The resistance of the range should be the connection lying between  the highest prices on 11 and 13 May 2011.
Gold slightly declined on Monday, supported by bottom of narrow range and upside trendline since 28 Jan.
Currently gold was trading in choppy consolidation. Short-term moving range narrowed to 1484-1504 USD. The next lower support should be 1463 USD with short-term resistance at 1526 USD.
Trading suggestions:
Investors should observe the overall momentum. Range trade strategy is recommended within narrow range. Otherwise trade is suggested only after direction of short-term break through confirmed.
Silver: narrow range trading
Silver opened at 35.35 USD on 16 May, with intra-day Low at 33.50 USD and intra-day High at 35.42 USD, eventually closing at 33.60 USD. Intra-day range of 1.92 USD was seen.
Silver continued to fall along downtrend since 29 Apr. Current moving range was constructed by the mid-long term uptrend since 24 August 2010 and downtrend since 29 Apr.
More apparent technical pressure was seen on daily chart, especially according to pattern of moving average.
If performance of short run followed the mid-long term direction and the recent momemtum, the commodity was more likely to break through the downside trendline since 29 Apr horizontally. Else if price reversed upward to break through the recent downtrend, certain correction should occur.
Trading suggestions:
Recent moving range shifts to 36.50-32.10 USD and direction of short-term break through is under observation. Before that range trade strategy should be continued.