When looking on the weekly the Federal reserve's QE in the bond market to reduce interest rates has resulted in manic rallies in gold. So much that any hint of rising rates like in the summer this year when bonds sold off resulting in steep declines in gold. Smart money says QE off will be stagflationary or deflationary. This trend is apparent in all equities and has even spilled over into cryptocurrency markets. A giant liquidity pool that flows and sways with the news of Federal Reserve QE, even so much that banks rally regardless of interest rates. The only easy path for the Fed to do is keeping thinking about thinking about the thought of maybe something when their balls aren't stapled to the wall.
TLDR: QE off, gold dumps. QE on, gold pumps.