Western analysts project that after the publication of June FOMC minutes, gold will rise above $ 1,800.

This is because the mid-June meeting caused a massive sell-off in the yellow metal.

Hence, market participants have to observe the consistency of the notes from the meeting minutes with the comments made by the Fed members over the past few weeks.

Everett Millman, a precious metals specialist at Gainesville Coins, said that if the minutes contradict what Fed members said, very strong movements will be observed in the gold market.

Another factor that could drive gold prices up is the movement in the oil market, as any additional increase in oil prices will ultimately work in favor of gold.

"Higher oil prices are fueling inflation, which is positive for gold", Millman said.

Of course, it is unclear whether the above factors are enough to really push gold above $ 1,800. But Bart Melek, global head of commodity strategy at TD Securities, expects the yellow metal to grow beyond $ 1,900 in the next six months.

For now, the market should remain calm as US is celebrating its independence day. It will start moving sharply upon the publication of the FOMC minutes and on the release of data on US PMI and jobless claims.