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Gold Bearish Over Stronger Dollar – Quick Update On Trading Signal!

Gold fell to two weeks low after the US central bank hiked the interest rate by 25 base points. Gold’s initial response was bullish but the market took a dip later. For now, the gold movement is heavily dependent upon the US economic figures such as the GDP and Core Durable Goods. Check out more details on FX Leaders Sept 27 – Economic Event’s outlook.

During the late Asian session, we opened a forex trading signal to sell gold at $1,198 to target quick 40 pips at $1,194. Looks like the signal is doing good and it’s rational to move your stops at breakeven points.

Gold can face an immediate support near $1,192 and the bearish breakout can lead it towards $1,188. On the other hand, the resistance is found at $1,198 and $1,203. Let’s wait for the US events for more trades. Good luck and stay tuned!

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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