HXPM Gold market reviews on 2 May, 2011: The Gold price is going upwards under relased risk

Daily Gold Review (2011.05.02): http://www.hx9999.com/en/trend_705.html

Market Reviews of the Pervious Day:
During NY session on 29 Apr, the greenback moved gentlely downward against the majorities. Dollar index hit the 33-month low of 72.84. The currencywas very weak but momentumreducedtechnically
Gold ended sharply higher on 29 Apr. Bullish trend was further confirmed with inflow of both speculative and defensive demands. Price also gained support from the weakening greenback.
Key Economic Data and Events:
GMT+8 15:15 France Manufacturing Purchasing Manager's Index (Apr)
GMT+8 15:15 Switzerland Retail Sales (Mar)
GMT+8 15:30 Switzerland SVME Purchasing Manager's Index (Apr)
GMT+8 15:55 Germany Manufacturing Purchasing Manager's Index (Apr)
GMT+8 16:00 Euro Zone Manufacturing Purchasing Manager's Index (Apr)
GMT+8 20:30 Canada Industrial Product Price Index (Mar)
GMT+8 22:00 U.S. Construction Spending (Mar)
GMT+8 22:00 U.S. ISM Manufacturing Purchasing Manager's Index (Apr)
Gold:
Gold opened at 1535.87 USD on 29 Apr, with intra-day Low at 1532.16 USD and intra-day High at 1568.93 USD, eventually closing at 1568.93USD. Intra-day range of 36.77 USD was seen.
The U.S. Federal Reserve was expected maintain expansionary monetary policy for economic growth speeding down. Market also eyed on the European debt problem.
Gold extended bullish trend and upmoved sharply on Friday, breaching the target of 1550 USD. The commodity triggered uptrend since 28 Jul 2010, which should be the technical profit taking position.
Technically uptrend stayed firm according to daily chart and long bullish candlesticks were seen in all daily, weekly and monthly charts. Trading with trend was strongly recommended.
Trading suggestions:
Part of the long position should be closed at the upper of the said range, while the remaining at 1532 USD. Morderate buying is suggested if continuation exists in hourly chart.