Gold settled flat as traders hold their breath ahead of U.S. Federal Reserve meet.
The meeting expected to unveil shape, scope of Fed's quantitative easing plan, seen bullish for gold as devalues USD but much will depend on whether expectations already priced in are met, exceeded or even disappointed.
Gold opened at 19740. As investors nervously wait on the sidelines for tomorrow’s Fed announcement, gold range traded throughout the session.
After reaching its high of 19779 as the dollar weakened, selling interest took gold lower to 19636. Indecisive trading for the remainder of the day saw gold close at 19708.
Now support for the gold MCX is seen at 19636 and below could see a test of 19565. Resistance is now likely to be seen at 19779, a move above could see prices testing 19851.
Trading Ideas:
Gold trading range is 19565-19851.
Gold settled flat as traders awaits US Fed outcome
Gold looks to take support at 19635 and resistance at 19780.
Spdr gold trust holdings fell by 0.91 tonnes to 1292.19 tonnes
