By Rick Andrews The price of gold climbed back above the $1,900-per-ounce support level, closing the week at $1,926.20 per ounce. This move coincided with the U.S. dollar’s descent below its 50-day moving average, which resumed the downtrend it started back in May (see the following chart). The outlook for the dollar going forward remains bleak, causing some analysts to reaffirm their previous forecasts for higher gold prices next year. Wells Fargo head of real asset strategy John LaForge recently wrote, as reported by Kitco News , “We’re buyers of gold. … After a great seven-month run, gold cooled off in August and September. Gold spot prices today sits about $200 lower than its all-time high of $2,075 per ounce set in August. ... The fundamental backdrop looks good. Interest rates remain low, money supplies excessive (quantitative easing), and we are doubtful that the U.S. dollar’s September rally has long legs. … We view gold at these prices as a good buying opportunity and, as evidenced by our 2021 year-end targets, expect higher gold prices.” Kitco News adds, “Back in July, Wells Fargo released its updated gold price forecasts, stating that gold could rise all the way up to $2,200 - $2,300 by the end of next year.” Rick Andrews is president of Avant Capital Management.