Breaking a record high, beware of the suppression from the upside range

Market Reviews of the Previous Day:

During NY session on 13 July, the dollar fell against all major currencies. The dollar index hit a lowest record in this month. Lately, the U.S. Federal Reserve Board Chairman

Ben Bernanke said if the U.S. economy further weakened, the Fed may take more stimulating measures.?
Market continued the previous large pattern in the technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide range is dramatic. If the euro has the secondary adjustment, long position could be continued.?

July 13, international gold surged. Federal Reserve Chairman Ben Bernanke implied to introduce more loose policies. Fitch downgraded the Greek rating again. With several positive factors, spot gold hit a record high.?

Key Economic Data and Events:
GMT+8 16:00 Eurozone European Central Bank Monthly Report Released (July);
GMT+8 16:45 Eurozone Consumer Price Index (June);
GMT+8 20:30 U.S.Retail Sales (June);
GMT+8 20:30 U.S.Producer Price Index (June);
GMT+8 20:30 U.S.Initial Claims for unemployment Benefits (July 9);
GMT+8 22:00 U.S.Business Inventories (May).?
Gold:
Gold opened at 1567.59 USD on 13 July, with intra-day Low at 1564.71 USD and intra-day High at 1587.55 USD, eventually closing at 1586.39 USD. Intra-day range of 22. 84 USD was seen.?

Gold surged to a record high at 1587.55 USD on Wednesday. A dismal U.S. non-farm payrolls report and the European debt crisis further stimulated the recent international price of gold to rise continuously.?

Please pay attention to the upper part moving along the parallel range created by the connection between the low points of May 5 and July 1, and the high level at May 2. It is estimated to be around 1598-1600 USD. Breaking the previous high, gold's oscillation range in short-term is between 1576.51and 1600.?
The overall movement is within a wide range oscillation.?
Trading suggestions:
Long position could be held with take-profit at 1564.7 USD. Short position could be open appropriately at the lower point along 1576.51-1600.