Gold is undecided as Fed meeting approaches

Gold fluctuated within the mean range of the several preceding days on Monday as it picked up to reach the weekly pivot point at 1,110. Despite all, movements are broadly quiet in terms of daily percentage changes and we see the similar situation to be in place until the Federal Reserve meeting on Sep 17. With only important fundamentals being able to provide the yellow metal with any substantial momentum, it is likely that resistance and support zones at 1,116/21 and 1,098/91, respectively, will limit movements for some period of time.

SWFX positive sentiment with respect to gold is flat for a third consecutive day as bullish traders are in the majority with 59% of all open positions.