4 Hour Chart Analysis for Gold for Long position

Gold made a bullish Engulfing yesterday and confirmed it with a strong move above 50 MA, making a bullish 8/20 EMA cross
However, the move was rejected precisely at 200 MA. The majority of indicators support a continued move upwards.
As the metal is overbought on the 1 and 4-hour frames, there is a possibility of horizontal movement for the next few days.

Today there is a CPI Data to be rolled out at US morning hours expected to be hight as compared to forecast that will fule Gold to bullish trend
Trend Analysis

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