Gold exchange traded products, including the SPDR Gold Shares (NYSEArca: GLD), rallied amid the “Shocktober” equity market swoon, but have shown little ability to follow through on those gains in November. As of today, GLD and rival gold-backed ETFs were sporting negligible November gains.

Recent consolidation by gold prices and ETFs like GLD could be testing investors’ patience.

“Consolidation creates a test of individuals’ will and more often than not puts the trader in an emotional state, which almost always leads to bad decision-making. This time will not be different; gold traders will lose patience and sell. This will create a buying opportunity for those who understand how to control their emotions,” according to Kitco News.

Much of the near-term thesis for gold revolves around the Fed’s plans for interest rates. The Fed has boosted borrowing costs three times this year and market observers widely expect a fourth rate hike in December. However, President Trump has not been shy about saying he would like to see the Fed slow its pace of rate increases.

Related: Top 34 Gold ETFs

Bullish On Bullion

Some technical indicators auger well for gold, particularly if the yellow metal can remain above $1,200 per ounce over the near-term.