FXStreet (Mumbai) - Gold price on Comex edged slightly higher in the Asian session, although remained within a shouting distance of monthly lows, as a renewed dip in the US dollar ahead of Fed gathering lifted the bullion.
Gold locked-in a $ 2 range
Currently, gold trades 0.09% higher at 1103.50, retreating from session highs reached at 1105. Gold defends mild gains and remains within a few bucks north of the $1,100 marker as traders stayed on the side-lines ahead of the 2-day Fed meeting which kicks-off later in the New York session.
In the day ahead, trading volumes are also expected to be a bit thinner than usual as investors across the globe stand back to see what the US central bankers will do this week.
Wall Street analysts are more open to the possibility of a hike on Thursday than the federal funds futures market, which signalled about a 25% chance the Fed would choose to hike this week.
Meanwhile, markets look forward to the crucial CPI figures from the US for any impact on the US dollar, eventually impacting the yellow metal.
Gold Technical Levels
The metal has an immediate resistance at 1105 (Today’s High) and 1108.60 (Sept 15 High) levels. Meanwhile, support stands at 1100 below which doors could open for 1094 (Aug 11 Low) levels.
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