• Gold is edging lower within its range as markets revise down their outlook for China, the world’s largest consumer of Gold. 
• The precious metal is supported by ETF flows and haven demand amid raised geopolitical tensions.  
• Technically, XAU/USD breaks through a trendline as it extends its narrow range-bound market mode.  

Gold (XAU/USD) exchanges hands in the $2,630s on Tuesday as the yellow metal edges lower within the familiar $50 range of recent weeks. Disappointment at the limited extent of fiscal stimulus announced by China on Tuesday is pushing Gold lower, since China is the world’s largest consumer of the precious metal. 

Reduced chances that the Federal Reserve (Fed) will cut interest rates by another double-dose 50 basis points (bps) (0.50%) at its next meeting in November is further weighing on Gold. The increasing probability that the Fed will only cut by 25 bps(0.25%), or even that it may not cut at all, is a headwind for Gold because it suggests the opportunity cost of holding the non-interest-paying asset will remain higher than previously expected.