HXPM Gold market reviews on 5 May, 2011: Downside correction should extend

Daily Gold Review (2011.05.05): http://www.hx9999.com/en/trend_712.html

Market Reviews of the Pervious Day:
During NY session on 4 May, the greenback fell against the majorities on depressive economic data. Yet the dollar index tended to float within narrow technical range rather than moving into a downward trend.
Gold closed in red on 4 May signifying change in investors' preference. While there was report of fund's sell-off, technical characteristics of trend were expected to extend.
Key Economic Data and Events:
GMT+8 16:30 U.K. Services Purchasing Manager's Index (Apr)
GMT+8 18:00 Germany Industrial Orders (Mar)
GMT+8 19:00 U.K. Decision on Central Bank's Rate
GMT+8 19:45 Euro Zone Decision on European Central Bank's Rate
GMT+8 20:30 Conference Press of ECB President Jean-Claude Trichet
GMT+8 20:30 Canada Building Permits (Mar)
GMT+8 20:30 U.S. Unit Labour Costs (Jan)
GMT+8 21:30 U.S. Speech of Federal Reserve Chairman Ben S. Bernake
GMT+8 22:00 Canada IVEY Purchasing Manager's Index (Apr)
GMT+8 20:30 U.S. Weekly Initial Jobless Claims (30 Apr)
Gold:
Gold opened at 1536.45 USD on 4 May, with intra-day Low at 1506.95 USD and intra-day High at 1542.93 USD, eventually closing at 1516.28 USD. Intra-day range of 35.98 USD was seen.
Gold continued to fall after adjustment lacking of strength, closing with a bearish candlestick. Lower support of 1520-1518 was breached in the previous session.
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 1490-1540 USD currently.
Trading suggestions:
Lower support should be located at 1493 USD. Moderate short positions along downside trendline of 1520-1526 USD since 2 May are recommended.