Gold fell amid uncertain demand for refuge assets ahead of a highly anticipated statement from the Federal Reserve’s policy-making committee. Gold prices were also pressured as a successful bond auction in Ireland and treasury bill auctions in Spain and Greece eased worries about those governments' ability to finance their debt. Concerns this year about high levels of European debt have boosted gold prices. Gold holdings in the exchange-traded fund of Zurich Cantonal Bank, or ZKB, edged 0.4% higher in the week to Sept. 17, according to ZKB data. Holdings in the gold ETF rose 23,860 troy ounces to 5.861 million ounces.  Now support for the gold MCX is seen at 18973 and below could see a test of 18929. Resistance is now likely to be seen at 19097, a move above could see prices testing 19177.

Trading Ideas:

Gold trading range is 18929-19177.

Gold fell amid uncertain demand for refuge assets ahead of FED meet

On MCX gold looks to take support at 18930 and resistance at 19090 level

Gold holdings in ETF of Zurich Cantonal Bank, edged 0.4% higher in week to Sept. 17