Wednesday’s release of minutes from the last meeting of the Federal Open Market Committee could be the key for the short-term direction of G=gold prices, says Lukman Otunuga, research analyst at FXTM. The analyst says gold “collapsed like a house of cards” Monday, dipping below $1,275 an ounce due to a strengthening U.S. dollar. While renewed political uncertainty in Europe may lead to some safe-haven buying, gold investors may be worried about the stronger dollar, which tends to pressure gold, the analyst suggests. For this reason, they will be combing through the FOMC minutes when they are released Wednesday afternoon, looking for fresh insights on monetary policy beyond 2017. “Since gold has become heavily concerned with the value of the dollar, the tone of the meeting minutes could play a leading role in where the metal concludes this week,” Otunuga says. “Gold may find itself under renewed selling pressure if the FOMC minutes are presented with a hawkish touch, while a dovish surprise has the ability to offer the metal a boost.” As of 9:06 a.m. EST, spot gold was up 50 cents at $1,276.90 an ounce. “Sustained weakness below $1,280 could encourage a further decline towards $1,267,” Otunuga says.