Last week, gold prices continued moving up off the “double bottom” pattern identified in last week’s article . They broke above the resistance trend line that began at the start of 2021 and then approached the 50-day moving average before closing the week at $1,744.80 per ounce. In addition to the growing inflation risk from the $1.9 trillion COVID-19 stimulus bill and the proposed $2.3 trillion infrastructure bill, a threat to the U.S. dollar’s status as the world’s reserve currency may also be looming. According to MarketWatch , “Billionaire venture capitalist Peter Thiel is worried that China is using bitcoin to undermine the U.S. “In comments Tuesday, … [he] said bitcoin ‘threatens fiat money, but it especially threatens the U.S. dollar.’ “Thiel said China would like to see two global reserve currencies, rather than the dollar being the default reserve currency. But China doesn’t want its renminbi to fill that role, and in the past has used the euro ‘in part’ as a weapon against the dollar.” Losing its status as the sole reserve currency would likely cause the U.S. dollar to lose support, which could drive investors to the inflation haven of gold. Rick Andrews is president of Avant Capital Management.