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Here\u2019s an update on the gold prices from my previous post last May 27, 2010<\/a><\/span>. Despite the overall bearish sentiment in the markets, gold has managed to mark a new all-time high last Tuesday at $1,251.68 per ounce. Though, it was not able to hold that position for so long as it declined since then. Presently, gold is trading around its 2009 high at $1,226.30. If this level and the shorter term uptrend line get breached, its price could fall all the way until it finds some support at $1,160.00. With the stochastics in the overbought area, there\u2019s a chance that this could happen. But if it does not and its present support holds, it could just move sideways for awhile before aiming for a new high again.<\/p>\n Fundamentally, gold\u2019s push for a new high was helped by China\u2019s astounding 50%\u00a0 year-over-year exports growth the last month. Remember that for China to productions and sales outside of its country to grow at such pace, of course, it also needs to import its raw or input materials. China is the number one gold consumer in the world and if it can sustain or even improve its exports, its demand for the input materials like gold that it uses would more likely increase as well.<\/p>\n On the sentiment side, it seems that the investors\u2019 downbeat outlook on the global market particularly in the euro zone has been favoring gold as of late. Generally, investors place their money in gold at times of economic uncertainty since it is one of the few assets that is able to maintain its intrinsic value. So with all the bearishness around, gold could perhaps be one of the assets of choice among investors.<\/p>\n