Gold could pop in the next few weeks, said George Davis at RBC, but once it does, it will present a terrific shorting opportunity on the path down to $1,060.
"Eventually, we will see a retest of the $1,180 area," Davis said on Tuesday's "Futures Now." Once bullion breaks below that level—its 2013 low—"we're going to see an increase in bearish sentiment that potentially takes us down to $1,100 initially and potentially the $1,060 level."
Another 15 percent below current levels, $1,060 would be the lowest gold has traded since February 2010.
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Davis, the chief technical analyst for fixed income and currency strategy at RBC, has nailed the call on gold this year. On Sept. 5, when gold was trading at about $1,375, he called into "Futures Now" to predict that gold would drop to $1,200. On Wednesday and Friday, gold put in lows just shy of that mark, at $1,210.