Gold prices bounced back a second time off the $1,670-per-ounce support level they found three weeks ago. This classic “double bottom” pattern usually signals a reversal point. Prices confirmed this in the short term by turning back up and finishing the week at $1,728.40 per ounce. The previous optimism about vaccines paving the way for the U.S. economy to get moving again is giving way to fears of a resurgence in the virus due to the new variants now showing up. These variants from Brazil, the United Kingdom, and South Africa are posing challenges in the United States and Europe. Europe is now experiencing widespread lockdowns across the continent. The U.S. is facing a similar threat of another round of lockdowns. Cases are rising in the U.S., as the variants are being found here. The head of the Centers for Disease Control and Prevention, Dr. Rochelle Walensky, said last week , “When cases rise as they have over the last week or so … they often ‘surge and surge big’ shortly thereafter.” If a fourth wave of the virus does come as Dr. Walensky fears, investors may turn back to investing in gold as a “safe haven,” just as they did during the initial wave. Rick Andrews is president of Avant Capital Management.