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. then it will move over 1800 to cross-resistance at 1805, 1813 , 1828 & 1834, before it will break for 1900+
As the metal is overbought on the 1 and 4-hour frames, there is a possibility of horizontal movement for the next few days. then it will move over 1800 to cross-resistance at 1805, 1813 , 1828 & 1834, before it will break for 1900+
