Two weeks ago, gold shot up above its 50-day and 200-day moving averages, resolving the major “pennant formation” breakout to the upside. It has now paused to consolidate, closing last week at $1,851.60 per ounce. Technically, gold is now poised to resume its upward trend. According to FXStreet , Credit Suisse analysts expect gold to begin a new leg up that may challenge recent and all-time highs: “We look for a test of the June high at $1,917, a break above which should add further weight to our view with resistance then seen next at $1,959/77 and eventually back to the $2,075 record high.’” With the world’s top central bankers acknowledging that inflation “could remain elevated for some time,” according to The New York Times , this buying opportunity could be a good time to add gold to your portfolio as a hedge. Rick Andrews is president of Avant Capital Management.