As gold has rallied into the New Year, a break above $1,302 an ounce could be a bullish signal for gold, said Peter Hug, Global Trading Director at Kitco Metals.

"I'd like to see gold close above $1,302, I think that's an important technical level for me, and I think if it gets to $1,302, I think the $1,320s are definitely in the cards," Hug told Kitco News.

On monetary policy, Hug said that the Federal Reserve may be more dovish in 2019 than most analysts anticipate.

"We thought that the analysts were a bit aggressive with their calls that the Fed would raise rates three to four times in 2019. In fact, we were probably one of the few firms that suggested the Fed may not raise at all in 2019, and as it stands right now, we still hold that view," he said.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.