Gold intermarket: Gold drops $10.00, DXY stabilizing on 97 handle​​​​​​​

Fed leaves rates unchanged as expected, December hike looms

Gold reached highs of $1,308 today before dropping like a stone to $1,287.23 lows after the FOMC statement left the door wide open for a Fed hike. However, the DXY has only managed a tentative bid on the back of the event and the US elections, along with nonfarm payrolls this Friday, offer significant risks to the dollar and as such, investors may find refuge in the price of gold again in coming days. USD/JPY is also correlated suffering to test 103 the figure and breaking below the top of decending cloud at  103.52 with Wall Street taking a nose dive: Trump Presidency? Clinton Coming Apart at the Seams & A Market in Turmoil

FOMC: December hike remains likely scenario - BBH

The FOMC left rates on hold at 0.25-0.50%, as widely expected, although this time the vote was 8-2 with only George and Mester dissenting. There was lots of repetition in the statement, and a pretty muted action in the market as a result. 

Full statement Fed decision: Nov 2, 2016

FOMC: December hike remains likely scenario - BBH

Key event: US election panel

Meanwhile, don't miss our US election panel with expert guests, Adam Button and Martin Armstrong, hosted by FXStreet's Ross Burland.