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Gold trades flat ahead of the Fed meeting

FXStreet (Mumbai) - Gold prices are trading in a narrow range as investors prefer to stay on the sidelines ahead of the all-important Federal Reserve (Fed) interest rate decision.

The yellow metal is trading 0.04%higher at USD 1229.90/Oz, largely stuck in a range of 1227-1230 since the Asian session. Moreover, the Treasury yields in the US and the US Dollar Index are dead flat, providing no inter market clues to the Gold prices. Moreover, gains in the metal have been capped by the Asian shares which are trading at a one-month high today. The MSCI Asia-Pacific index ex-Japan gained 1%, while the Nikkei has gained 1.5%.

Meanwhile, the US stocks gained more than 1% yesterday while the European shares are expected to follow suit.

Gold Technical levels

Gold has an immediate support at 1225, under which prices can dip to 1217 levels. On the flip side, resistance is seen at 1235 and 1240 levels.

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