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    Gold locked in tight range above $ 1280, Fed in spotlight Dhwani Mehta

    Gold mirrors the price-action seen in the Asian session a day before, consolidating heavy gains before the next leg higher, which could be triggered by a dovish Fed outcome, as widely expected.Gold making higher tops on daily sticksCurrently, gold now trades almost unchanged at 1284.15, having posted daily high at 1285.70 and day’s low at 1282.28. The bullion stalled its five-day winning streak and now forms a small doji candle on the daily charts, suggesting no clear direction in sight, as investors eye the Fed verdict that will shape up fresh direction in the USD priced-in precious metal.The upside remains capped in the yellow metal amid recovering risk appetite and also on the back of broad based US dollar strength, refuelled by upbeat US retail sales data. Looking ahead, a host of fresh US macro updates are lined up before the Fed decision. The Fed is widely anticipated to make no changes in its monetary policy settings as a result of the disappointing May nonfarm payrolls figures.Gold Technical Levels                                    The metal has an immediate resistance at 1289.85 (4-week high) and 1300 (round number). Meanwhile, the support stands at 1278.17 (5-DMA) below which doors could open for 1270 (psychological levels).


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