Gold prices tread water on Tuesday as traders wait for the Federal Reserve to release its latest policy-making statement in the middle of the week. Grafite Capital options trader Mihir Dange tells TheStreet's Joe Deaux that he expects prices the breakout due to the ever-tightening range the yellow metal has traded over the past month. While the Fed isn't expected to announce any major changes -- it likely will taper by another $10 billion and leave interest rates unchanged -- the technical trading in gold suggests a big move could happen before the slow summer months begin.

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