Gold, which saw the largest declines in more than three decades this week, could have farther to fall, Nomura's Tyler Broda said Tuesday.
"I think right now, there's a lot of volatility that's picked up, and this is something that's going to linger with the market over the next, I think probably, six to 12 months," he said. "This has been a big move, 9 percent."
On CNBC's "Fast Money," he called it the biggest move for gold prices since the early 1980s.
"And so I think it's very hard right now to judge exactly where we're going to trace out," Broda added, calling the upturn in gold "a weak rebound."
The precious metal is likely headed lower, he said.
"I think that there's probability, in our view, in terms of underlying fundamentals, that the equilibrium level for gold, with this level of disinvestment that we're seeing, is unfortunately much lower than where we are."
Trader disclosure: On April 16, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long XBI; Josh Brown is long JNJ; Josh Brown is long AAPL; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long XLU; Mike Murphy is long AAPL; Mike Murphy is long IP; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long IBM; Joe Terranova is long SPLK; Joe Terranova is long SWN; Steve Weiss is long C; Steve Weiss is long BAC; Steve Weiss is short BHP.