This tweet from @FxMacro pretty much sums up the current situation:
Perhaps most notable about these four equally probable paths for monetary policy aside from the fact that additional QE is back on the table, is that it highlights the high degree of uncertainty currently percolating across markets. This morning gold and oil are rallying above key resistance levels because the odds of the first two above mentioned possibilities are increasing while the odds of a rate hike have been trending lower since early September:
WTI Crude Oil futures broke above $50/barrel for the first time since July this morning
Gold futures are rallying above $1150 as price breaks higher from a multi-month symmetrical triangle
If this gold breakout holds into the Friday close the pattern targets ~$1230/oz over the next couple of months.