Despite the pullback, the gold rally isn't over just yet, and one expert is forecasting that prices will rise to around $1,480 an ounce in the next two months.

"This move is just getting underway, and we're going to make another leg up to about $1,480 in the next two months," Bill Baruch, president of Blue Line Futures said on Thursday.

The trader said that the combination of deteriorating global growth and trade-war turmoil, coupled with the Fed's dovish outlook, are why gold prices are thriving, as the U.S. dollar is put under pressure.

"I like this move and this is a bullish breakout above the five-year trend," he said. "Over the next two months, the path of least resistance is higher; it's technically higher and fundamentally higher, so $1,480 is what I'm targeting."

Gold prices will be going higher, Baruch stressed, it's only a matter of how they get there.

"As this market comes in a bit from the highs, you have a lot of support at $1,396 and $1,400. Above there, the bulls are in the driver's seat, and the path of least resistance stays higher," he said. "It's a matter of where we go from here in the sense of holding support and a more immediate-term move higher, or consolidation before moving higher."

August Comex gold futures were last at $1,410.4, down by $5.00 on the day.

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