GOLD: Rangebound Ahead Of FOMC Decision On Wednesday

Gold is 0.3% lower in the Asia-Pacific session, after closing 0.1% lower at
$2335.66 on Monday.

* The yellow metal remains rangebound ahead of Wednesday's FOMC decision, where

  policymakers are anticipated to reiterate their commitment to maintaining
  higher interest rates for an extended period.

* Historically, gold tends to react negatively to higher interest rates due to
its lack of yield-bearing characteristics.
* Nonetheless, bullion is on track for a third straight month of gains due to
strong central bank and haven demand.
* According to MNI's technicals team, gold remains in consolidation mode.

  Having last week pierced the 20-day EMA, a continuation lower would signal
  scope for an extension towards $2238.8, the 50-day EMA. Key resistance and

the bull trigger is at $2431.5, the recent Apr 12 high.