AUD gold obviously not USD gold but still tends to trade with...

AUD gold obviously not USD gold but still tends to trade with correlation, due to expectation.

Based on Fed minutes, gold move doesn't make sense, unless you look at it as a reversion to the "hedge against fear/volatility" which looks to be creeping in again recently. Also implies markets are paying more attention to the Fed's comments on GDP expectations and less on their expectations for at least two rate rises next year. But if markets don't believe that the Fed will hold firm on rate hikes next year then only a matter of time till we get a big short covering rally in equities.