Daily Gold Review (2011.05.03): http://www.hx9999.com/en/trend_708.html
Market Reviews of the Pervious Day:
During NY session on 2 May, dollar index rose slightly. Market eyed on the European Central Bank's monthly policy meeting and the U.S. monthly employment report. The greenback rebounded though negative mood remained in the currency market.
Gold tumbled on 2 May, while silver plunged over 10 %, the largest extent since Oct 2008. price was further pushed down under pressure of technical selling in bearish trading. Yet gold recovered some loss and long position stayed.
Key Economic Data and Events:
GMT+8 12:30 Australia Decision on Interest rate of Federal Reserve
GMT+8 16:30 U.K. Manufacturing Purchasing Manager's Index (Apr)
GMT+8 17:00 Euro Zone Producer Price Index (Mar)
GMT+8 20:30 U.S. Speech of Thomas M.Hoenig of Federal Reserve Bank of Kansas City
GMT+8 22:00 U.S. Industrial Orders (Mar)
Gold:
Gold opened at 1565.05 USD on 2 May, with intra-day Low at 1541.28 USD and intra-day High at 1576.51 USD, eventually closing at 1545.77 USD. Intra-day range of 35.23 USD was seen.
Gold refreshed record on Monday, then sharply retreated after approaching multiple resistances from the upper of ranges since 28 Jan 2011 and 27 Jul 2010 respectively.
Long bearish candlestick was seen in daily chart and downtrend extended during the Asian session. Price slightly recovered after 1532 USD support was tested.
Technically uptrend stayed firm according to daily chart. Yet potential divergence of MACD was not broken. Deeper correction might occur due to technical resistance and price factor.
Trading suggestions:
Lower support should be at 1530-1520 USD while upper resistance should be at 1576.50 USD. Range trade strategy within range of 1520-1576 USD is suggested.
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