Gold pushes higher on Tuesday after some Fed speakers indicated they might be leaning towards possibly cutting interest rates in December.
Elevated geopolitical risk from conflicts in the Middle East and the political crisis in France further send investors to Gold.
Technically, XAU/USD could be about to extend a wave c lower as it completes a three-wave pattern.
Gold (XAU/USD) edges higher to trade in the $2,640s on Tuesday after commentary from Federal Reserve (Fed) speakers led to an uptick in the probabilities of the Fed cutting interest rates at its December policy meeting. Lower interest rates are positive for Gold because they reduce the opportunity cost of holding the non-interest paying asset.
Elevated geopolitical risks could also be underpinning Gold amid continued conflict in the Middle East intensified now by the outbreak of civil war in Syria, the Russia-Ukraine conflict, and political risk in France. During times of crisis, investors turn to Gold for safety.
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