• Gold has slipped lower on Monday as investors remained cautious ahead of Wednesdays Federal Reserve’s policy statement which is expected to throw some light on further US rate hike.
   
• Currently the yellow metal has retreated after finding resistance at 1260 levels and it is set to decline further towards downwards as the resistance formed at 1260 is set to hold the bulls from advancing further.
   
• To the upside, strong resistance can be seen 1260, a break above this level would expose the commodity towards 1272 levels.
   
• To the downside immediate support can be seen at 1242, a break below at this level will open the door towards 1232 levels.
  
  Support levels: S1-1242, S2-1232, S3-1224
  
  Resistance levels: R1-1260, R2-1272, R3-1283