Gold and related exchange traded funds (ETFs) seem to have hit a snag in the last week. Those who want to know what the metal plans to do next are sitting tight until the Federal Reserve makes an announcement on Wednesday.

The surge in the U.S. dollar coupled with unexpectedly good employment numbers triggered a $40-plus dip in gold prices on Friday, comments Peter Brimelow for Yahoo! Fiance. (What’s next for gold as prices dip?)

As indicated on The Privateer’s famous Long Term US$ 5X3 Point-and-Figure Gold Chart, gold will have to gain around $25 from Friday’s price to turn this technical indicator up again. Though, a move of that size these days mean a great deal more because corrections intraday can easily be $25-$30/ounce, and mean nothing except to pay out under-capitalized traders, according to The Gartman Letter. (New records for gold).

Gold bug James Turk of, like Gartman, believes that any dip in gold will be a signal for traders to buy in on any weaknesses during this bull market. Chartist Martin Ping of also thinks a “bullish overall stance is appropriate,” unless gold falls below the $1,000 marker. (How to spot and avoid bubbles).

“Radical gold bugs” have also noted an unsustainable occurrence of gold becoming cheaper in terms of silver. Another observer points out gold shares swift cut in losses despite dropping even lower. Additionally, India, the world’s largest gold consumer, will probably be forced back into the market on increasing consumer demand. (Junior gold miner ETF lures investors).

The next direction for gold could really become clear after the Federal Reserve announces what it will do about interest rates on Wednesday. The decision will also be a key one for the U.S. dollar – if interest rates stay where they are, the dollar could continue to remain depressed.