Weakness in the dollar, oil markets and the uncertainty regarding the geopolitical forces have also pushed gold above $800. In New York today, many traders explained today’s bounce as a technical bounce with $825 being the next resistance level.

The COMEX February 2008 gold futures contract hit $855 an ounce on November 7th. Since then, there’s been a consolidation in the markets which has given the bulls a new buying opportunity.