Gold has another rally up ahead, according to Todd Horwitz, chief strategist of BubbaTrading.com.
"Everything is setting up for another big up-move [in gold] and the next big test will be to take out $1,450. If we can get through $1,450, I think we're on our way to $1,500," he said.
Spot gold last traded at $1,444.70 an ounce on Thursday.Horwitz said prices are in for a bid if key levels are broken.
"If this breakout can continue, we can clear $16 or $16.20 [an ounce], then I think we're on our way to $17 and then if we can get through there then I think you're on your way to $20," Horwitz told Kitco News.
Horwitz noted that silver has been undervalued relative to gold, but markets have taken notice and pushed prices up recently.
"If you look at the two charts side by side, silver looks like it ran out of business compared to gold but all of a sudden, silver has caught a bid and it looks like it wants to go higher," he said.