According to a report from Standard bank. A short covering is taking place in the market before the end of the Fed meeting today. Standard Bank expects a rally in selling after the meeting end.
They expect that Bernanke will try to decrease the gap between tapering bond purchases (presumably this year) and hiking the fed funds target. Standard bank report expects that the announcement of the Fed will add a lot of pressure on the precious metal.
According to the expectation of the Fed, they said indirectly that the Assets purchase program is going to be ended today. If their words came true, we would watch a huge decline in the gold market.