After breaking through the resistance line established over the previous weeks, gold prices held at the same line extension, which had now become a support line (see the following chart). Gold resumed its uptrend, finishing last week at $1,751.70 per ounce. One factor supporting higher gold prices is the trend of central banks adopting negative interest rate policies. Last week, the United Kingdom joined this trend, selling bonds with an average yield below 0% for the first time. According to Forbes , “Bank of England (BoE) governor Andrew Bailey admitted last Wednesday that a negative interest rate policy (NIRP) was in ‘active review,’ despite saying in March that negative rates were ‘not an area I would want to go to.’ “It may only be a matter of time before subzero rates make landfall in the U.S., something President Trump is in favor of. ‘As long as other countries are receiving the benefits of Negative Rates, the USA should also accept the ‘GIFT,’ he tweeted on May 12.” Rick Andrews is president of Avant Capital Management.