Gold is holding a very fine gain despite the fact that the U.S. dollar has recovered some its losses. We need to be wary of what lies over the horizon, however, and we do mean the immediate horizon.

We think that in the FOMC press release (which you can read in its entirety below with significant phrases and words bolded), the seeds can be found of a further pushing back of a Federal Reserve interest-rate hike until December.

With the June FOMC meeting in focus today, we expect markets to remain somewhat range bound until Chairwoman Janet Yellen’s news conference tomorrow in midafternoon.