HXPM Gold market reviews on Apr. 27th, 2011: Rebound supported by dip buying

Daily Gold Review: http://www.hx9999.com/en/trend_699.html

Market Reviews of the Pervious Day:
During NY session on 26 Apr, euro climbed to 16 month high, reaching day high of 1.4712, as difference between rates of the U.S. Federal Reserve and other major central banks was expected to be enlarged.
Gold headed higher on 26 Apr. While market eyed on interest rate decision of the Federal Reserve announced in the coming session, the commodity was supported by technical factors and weakening greenback.
Key Economic Data and Events:
GMT+8 09:30 Australia Quarterly Consumer Price Index
GMT+8 14:00 Germany GFK Consumer Confidence Barometer (May)
GMT+8 16:30 U.K. GDP (1st Q)
GMT+8 17:00 Euro Zone Industrial Orders (Feb)
GMT+8 20:30 U.S. Durable Orders (Mar)
GMT+8 00:30 U.S. Decision on Interest rate of Federal Reserve
GMT+8 00:30 U.S. Speech of Chaiman of Federal Reserve Ben S. Bernake
Gold:
Gold opened at 1507.30 USD on 26 Apr, with intra-day Low at 1493.82 USD and intra-day High at 1508.24 USD, eventually closing at 1506.46 USD. Intra-day range of 14.42 USD was seen.
Gold rebounded within the supporting range, closing with a long legged doji. Invesors tended to look for opportunity of buying on dip below the range.
Technically uptrend stayed firm according to daily chart but technical divergence indicate downside adjustment should continue. Correction was expected to extend until next record hit.
The level of 1476 USD provided strong support to the commodity.
Trading suggestions:
Profit taking strategy is recommended for long positions opened at supporting level in the previous session as downside correction may extend.