Last week, gold prices declined again to previous support levels, forming a “triple bottom.” They then shot up to the 50-day moving average, breaking the downtrend line. The metal closed the week at $1,676.60 per ounce. The breakdown in the U.S. dollar that we looked for as a confirmation of the gold price reversal happened the previous week. Last week, the breakdown was reinforced when the dollar ricocheted down off its new resistance line. These trend reversals in gold prices and the U.S. dollar happened after the Federal Reserve raised interest rates again. These reversals could signal a new uptrend in gold prices has begun. Now may be the time to consider adding gold to investment portfolios. Rick Andrews is president of Avant Capital Management.