Greece is good for .
The precious metal surged 2 percent Thursday, as fears of a Greek default have investors running for the perceived safety of gold. But the spike didn't surprise one trader, who placed bets Wednesday that gold could rally post-Fed.
Read MoreGold leads gains as Fed stays cautious
"Markets highly influenced by levels of interest rates and liquidity in the system responded sharply after Fed Chair Janet Yellen's statement [Wednesday] and then carried into overnight markets," technical analyst Todd Gordon told CNBC's "Trading Nation" on Thursday.
The metal's move comes as the dropped to a one-month low. "I think the dollar should continue to fall, which will in turn boost foreign currencies, stabilize bonds and push gold higher."
So how much higher does Gordon see gold going?
"My initial gold call of a $2 spike in the , [the SPDR gold ETF] to $115 was met before the opening bell [Thursday]," added Gordon, founder of TradingAnalysis.com. "I'm now looking for the next Fibonacci level target of $116.79." That's roughly 1.4 percent higher than the ETF's current price of $115.23. Traders often look to Fibonacci levels for clues of future price action.
"I think gold set up for a short squeeze post-Fed and looks good for a short-term bounce," he added.
Gold closed above $1,200 an ounce for the first time since late May.
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