Spot gold has been stuck in a tight range near its highs recently, which feels frustrating to watch. However, this stalemate is about to be broken—at 3 a.m. on December 11, the Federal Reserve will announce its interest rate decision.

How important is this meeting? There are only eight five-star policy meetings throughout the year, and each one has the potential to overturn global asset pricing logic. The market has basically priced in a 25 basis point rate cut, and that story is already old news. The real focus is on two things: first, the wording of the policy statement; second, what Powell says at the press conference. Once these two signals are released, it’ll be clear which direction gold will take.

After ranging for so long, both bulls and bears are itching to make a move. Once the policy decision lands, the direction will be clear regardless of whether prices rise or fall. Cryptos like SOL, ZEC, and ETH will also be watching the Fed closely in the short term—after all, liquidity expectations directly impact risk asset pricing. The future trend will depend on how strong this round of policy guidance is.