Gold has risen for five straight sessions and is now positive on the year. And according to one top technician, the rally has just begun.
On Tuesday's episode of "Futures Now," Bank of America Merrill Lynch's head of global technical analysis, MacNeil Curry, said a near-term "correction" in the dollar over the "next couple of weeks," paired with declining yields on Treasurys, should lay the groundwork for a sustained and sizable rally in gold that could see it break above $1,300 by the end of May."
Rates are headed lower, and the dollar is likely to remain in a corrective sequence in general," said Curry. "Gold should rally in that environment."