Gold (XAU/USD) recovers slightly from the daily low touched during the early part of the European session and trades with a mild negative bias, just above the $4,060 level, down less than 0.15% for the day.
Mixed signals from US Federal Reserve (Fed) officials keep the door open for another interest rate cut in December and prompt some US Dollar (USD) profit-taking after the recent rise to its highest level since late May. This turns out to be a key factor lending some support to the non-yielding yellow metal.
Apart from this, geopolitical risks stemming from the intensifying Russia-Ukraine war and fresh conflicts in the Middle East further seem to underpin the safe-haven Gold. Traders, however, might refrain from placing aggressive bets and opt to wait for this week's key US macro releases.
The Q3 GDP print and the Personal Consumption Expenditure (PCE) Price Index. Moreover, the range-bound price action witnessed over the past week or so warrants caution before positioning for a firm near-term direction.
Source: Fxstreet
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