HXPM Gold market reviews on 4 May, 2011: Closed in red while sideway movement continued

Daily Gold Review (2011.05.04): http://www.hx9999.com/en/trend_710.html

Market Reviews of the Pervious Day:
During NY session on 3 May, dollar index fluctuated at low. Bearish trend remained and no upside momemtum was seen. Market eyed on the speech of the President of European Central Bank Jean-Claude Trichet after Thursday meeting.
Gold settled lower on 3 May. As investors' preference changed and also the greenback stabled, technical characteristics of trend were expected to extend.
Key Economic Data and Events:
GMT+8 14:45 France Balance of Payments (Mar)
GMT+8 16:00 Euro Zone Services Purchasing Manager's Index (Apr)
GMT+8 16:30 U.K. Construction Purchasing Manager's Index (Apr)
GMT+8 17:00 Euro Zone Retail Sales (Mar)
GMT+8 22:00 U.S. ISM Non-Manufacturing Index (Apr)
Gold:
Gold opened at 1545.33 USD on 3 May, with intra-day Low at 1527.70 USD and intra-day High at 1551.09 USD, eventually closing at 1536.01 USD. Intra-day range of 23.39 USD was seen.
Gold headed upward on Tuesday, reversed after moving sideway due to lacking momentum and closed with a bearish candlestick. If the lower support of 1520-1518 USD was breached the next downside target should be 1493 USD.
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. Moving range should shift to 1505.00-1540.00 USD.
Trading suggestions:
Lower support should be located at 1520-1518 USD. It is suggested to trade with sideway strategy along supporting level, or short if the commodity falls below 1520 USD.