Gold prices inched down on Monday, lingering around $1,200 an ounce. The U.S. Federal Reserve will announce the widely expected decision to raise rates on Thursday. The majority of investors believed that the U.S. central bank would raise interest rates again in this meeting, keeping bullion prices subdued. On the other hand, concerns over Europe split increased in the wake of UK triggering the country's exit from the European Union, and the prospect of eurosceptic party coming to power in the Netherlands and France, providing a floor to gold prices. The yellow metal is expected to remain rangebound at current level as investors await Fed’s policy meeting statement, and the guidance of this event on gold and financial market as a whole.
On technical front, both the MACD and momentum index suggest that gold is under pressure. The support and resistance can be found at $1,190 and 1,220 respectively.
Silver slid below $17 an ounce after a fierce fight around this level. The white metal is expected to remain going sideways ahead of the release of Fed’s policy meeting statement. The support and resistance can be found at $16.60and 17.40 respectively.

 
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