We Could See $1,340 Gold in a Heartbeat

Gold's bull momentum has only just begun.
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2019 will be a strong year for gold, owing to tailwinds from macroeconomic forces, said Todd "Bubba" Horwitz of bubbatrading.com.

"I think once we get through $1,300 you'll see $1,340 in a heartbeat," Horwitz told Kitco News.

Horwitz said that gold is currently trading in a $1,280 to $1,300 an ounce range, with $1,280 being a key support level.

On the catalysts for a higher gold bull run, Horwitz said that the dollar is not an important factor to consider, contrary to what some analysts have said.

"I don't think it has anything to do with the dollar. If we look at the dollar when it was 88, gold was lower, down under $1,200. So again, I think there is a correlation between the dollar and gold, but I don't know what the right number is, I think the dollar's going higher, I think gold is going higher, I think a lot more of the safety assets are going to rise in 2019," he said.

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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.