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!