Gold’s past performance indicates that it could reach US$4,000 per ounce during this cycle. He sees US$2,600 as a bullish support level for gold, with deeper support existing in the US$2,200 to US$2,300 range.

However, Ayales said there’s no guarantee that the yellow metal will fall that low at this point.

‘I think that we’re going to see higher highs — I think the risk of not being in the move as it reaches a high is a lot more than the risk to the downside that you could experience at this moment,’ he explained.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.