For the last three years, it's been nothing but heartbreak for gold bugs. But according to one top technician, now is the opportunity to buy bullion.
"We've seen a long downtrend in gold and it looks to me that it could be coming to an end," Carter Worth said Friday on CNBC's "Options Action." Gold has been in a precipitous decline since 2011, down 4 percent in 2015 and on track for its longest yearly losing streak since 1997.
Looking at a very long-term chart of gold, Worth pointed out that the precious metal has hit a critical technical level. "If you were to draw a line along the peaks at or near the highs since 2011, we've flirted with this downtrend line three or four different times," he added. "Any type of [continued] strength will do one thing: it will start to move us above this downtrend line that's been in effect for three years."