Mix flax meal and water in a small bowl and let sit for 10 minutes.
Mix flour, sugar, yeast, salt and xanthan gum in a large bowl.
Drizzle in the milk, beating the entire time.
Add the coconut oil and mix until thoroughly blended.
Beat in the flax mixture, a third at a time, beating the mixture thoroughly between each additino. Scrape the bottom and sides of the bowl, then beat at high speed for 3 minutes, to make a very smooth, thick batter.
Cover the bowl and let rise for 1 hour.
Scrape down the bottom and sides of the bowl, gently deflating the batter in the process.
Grease an 8 1/2" by 4 1/2" loaf pan.
Scoop the dough into the pan. Press it level, using a spatula or your wet fingers.
Cover with greased plastic wrap, and set in a warm place to rise until the loaf barely crowns above the rim of the 8 1/2" x 4 1/2" pan, approximately 45-60 minutes.
Bake the bread at 350 degrees for 38 to 42 minutes, until golden brown.
Remove the bread from the oven, turn it out of the pan, and cool on a rack.