The Fed may be on hold, and that may be influencing price action, but other factors are in play.
Gold, since it offers no yield, is appealing in an environment of low yields. But gold is failing now, and it seems there are two clear reasons why:
First, rates on US 30-year bonds have jumped from their lowly depths.
Second, the European Central Bank (ECB) has been quite active in providing liquidity to the floundering Eurozone. What's come from ECB activity is a bunch of crummy collateral on their books. And this week saw some serious margin calls from the ECB in order to cover the declining value of this collateral.
No new recommendations or adjustments at this time.