Gold eyes FOMC meet outcome, Crude Oil EIA data

Mumbai-India (Jan 29)   Bullion counter is expected to remain sideways as investors eye the outcome of fed meeting scheduled today. Gold can move in range of 29300-29750 and silver can move in range of 43500-44600 in MCX. Meanwhile some strength in local currency rupee can cap the upside in MCX. Gold headed for the longest losing streak in almost six weeks amid expectations that stimulus will be cut further as the U.S.

Federal Reserve decides on monetary policy. Fed policy makers conclude a two-day meeting today after data yesterday showed that while U.S. consumer confidence rose to a five-month high, durable goods orders fell the most in five months. Base Metals: Base metals counter can trade sideways with some short covering can be seen at lower levels. Copper may move in range of 450-460 while nickel may trade in range of 882-895. Global economic growth will accelerate by 3.7 percent this year as Europe emerges from recession and the U.S. expands, the International Monetary Fund estimates.

Battery metal Lead can trade in range of 133-136. Today FOMC meeting can have big impact on the prices. The central bank is expected to decide to further reduce its bond-buying program intended to stimulate the economy. Although an additional taper of $US10 billion is widely expected, much will ride on the statement's policy wording and tone.