Gold's lengthy run has stalled, and the yellow metal has gotten whipsawed over the past few days. But don't expect current levels to last.
So says MacNeil Curry, head of foreign-exchange and rates technical strategy at Bank of America Merrill Lynch.
"We've been rallying for over ten years now in gold," he told CNBC's Melissa Lee. "We have yet to see any kind of long-term speculative blowoff phase."
Curry says that while gold has been trading in a range between $1,500 and $1,900 per ounce, "we do think that ultimately we will have to break higher as the speculative furor starts to pick up."
Curry sees gold heading into the $2,000 an ounce level in 2013, and he thinks it could reach $3,000 to $5,000 in the long run.