Gold enjoyed an incredible intraday spike on Thursday, shooting $30 higher in just 25 minutes. The quick move carried the metal above $1,350 for the first time since June.
And if one of Wall Street's top technicians is right, the move is just getting started.
On Thursday's "Futures Now," MacNeil Curry, the head of global technical strategy at Bank of America Merrill Lynch, said that there is probably "further upside" in gold. In fact, he's "looking for a move up to the $1,410, potentially $1,450 area."
He presented the three reasons behind that prediction
Reason One: Downtrend was overstretched
Technicians tend to preach "Follow the trend." But sometimes they take a page from Blood, Sweat & Tears and sing "What goes up, most come down"—or vice versa. Simply put, gold fell too far, too fast.
"If you go back and look at what we did in mid-June, the trend was so overextended," Curry said. "This trend had gotten way too stretched, like a rubber band, and now we're snapping back."
(Read more: Here's what gold bulls need to see)