Gold prices tread water on Tuesday in Asia as investors squared positions ahead of a Federal Reserve review of monetary policy this week that could finally pull a trigger on higher rates. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,107.70, up 0.01%, while silver for December delivery fell 0.03% to $14.375 an ounce. Investors await the FOMC highly-anticipated two-day meeting starting on Wednesday. The Fed's benchmark rate, which banks use to lend to other institutions on overnight loans, has remained at its current level between zero and 0.25% since December, 2008.

The latest monthly commodities report published by Societe Generale predicts lower growth rate in global copper consumption during 2015. The apparent slowdown in China and other emerging markets may cut the consumption growth to 2.5% this year. This is upon comparison with the global consumption growth of 4.5% recorded during the previous year. With the overall bearishness in market and a lack of major reports on Tuesday, LME copper will range between USD 5,270-5,340/mt during Asian trading hours.

Crude oil gained in early Asia on Tuesday with investors focused on U.S. stockpile estimates from the American Petroleum Institute later in the day. On the New York Mercantile Exchange, WTI crude for October delivery rose 0.17% to $44.16 a barrel. Crude futures are down by nearly 60% since peaking above $100 a barrel in the summer of 2014. Last November, OPEC roiled global energy markets with its decision to keep its production ceiling above 30 million barrels per day in an effort to defend its market share.

CS GOLD (OCTOBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 26290
RESIST 1: 26200
SUP 1: 25980
SUP 2: 25900
STRATEGY: SELL ON RISE

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2:35500
RESIST 1:35175
SUP1:34550
SUP2:34370
STRATEGY : SELL ON RISE