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Gold trades cautiously ahead of the Fed meeting

FXStreet (Mumbai) - Gold is trading in a sideways manner as investors remain cautious ahead of the outcome of the Federal Reserve (Fed) meet due tomorrow.

Gold is trading 0.07% lower at USD 1228.50/Oz levels, largely unchanged from the yesterday’s close of USD 1229.30/Oz. Moreover, the prices have recovered from the Asian session low of USD 1222/Oz, tracking the weakness in the Asian equities. The Asx is trading 0.125 lower, while the Nikkei has lost 0.38%. Meanwhile, the gains in Gold have been capped by the strength in the Shanghai composite, which is up by 2.02%.

No major data are due out of the Europe today, providing a little scope for sharp moves in the yellow metal during the European session.

Gold Technical levels

Gold has an immediate resistance of 1230, above which it can rise to 1235 levels. On the other hand, prices may dip to 1217, if the daily low of 1222 is breached.

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