All three asset classes have seen some selling in recent weeks. Gold prices have fallen over 8 percent since late October, while the dollar index, which measures the greenback's value against a basket of other major currencies, has weakened by nearly 1 percent over the past three weeks.
Yields on U.S. 10-year T-bills, meanwhile, saw a steady rise of around 30 basis points from October 23 to hit over 2.8 percent on November 20, although they have since fallen back to around 2.73 percent over the past week.
"One thing to watch would be the dollar [index]... for the most part it's been stuck trading sideways between 79 and 85," he said, suggesting that any sharp movement would suggest Fed tapering behind the scenes.
(Read more: Fickle Fed: Taper could arrive in 'coming months')
But ultimately, Lichtenstein said the real indicator would be gold, which saw an aggressive selloff earlier in the year when tapering talk first started to gain traction, dropping from $1,560 in mid-April to $1,180 in late July. On Thursday it was trading around $1,239 per ounce at around lunchtime in Asia.
"Really, the tell is going to be in the gold price. If you look at gold and at the interest rates there is potential that it has already started take place," he said. "We're watching gold come off....it recently had issue with that $1,330 level, now it's having issue with the $1,250 level ... we're starting to see some weakness," he added.
Shane Oliver, head of investment strategy at AMP Capital told CNBC that the chance of the Fed starting to taper before telling the markets was possible, but in his view would be a dangerous move.
"That's the way central banks used to do things [acting without informing the market beforehand]. But because it is contrary with everything the Fed has tried to achieve in terms of transparency it would go down very badly in the financial markets," said Oliver.
"They would lose a lot of credibility if it were already occurring, it would damage what they are looking to achieve in terms of forward guidance, which will only be successful if the market trusts the Fed," he added.
Frederic Neumann, co-head of Asian Economic Research at HSBC, added that it would be difficult for the Fed to technically begin tapering undetected.
"It's clear that the Fed is increasingly uncomfortable about its balance sheet size and is itching to cut back on purchases. [But] I would be very surprised if the Fed had started to unwind its stimulus under the cover of darkness. Bond purchases, as well as holdings, by the Fed are very transparent, so it's hard to see how this would be technically feasible," he added.
— By CNBC's Katie Holliday: Follow her on Twitter