So the Fed did nothing. Now, we must go through this again and wonder what will come out of the late-October Federal Open Market Committee meeting. For now, the marketplace is still digesting Thursday afternoon’s FOMC meeting that saw no change in U.S. monetary policy.

Why no move now? Well, the Fed cited global economic concerns as one of the main reasons for holding off on raising U.S. interest rates. The global concerns will not be going away any time soon, so we will have to see what happens next.

According to a Reuters’ poll this week, a majority of Wall Street's top banks now expect the U.S. central bank to begin hiking rates in December.

But, gold still has some work to do in order to ensure the gold bears remain out of the woods. According to market veteran, George Gero, of RBC Capital Markets, he said, "We are in technical no-man’s land for now; we need $1,200 or better close, higher volume, higher open interest higher closes to bring us up there.”

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