This is a new opportunity to buy gold: Technician

Suddenly, this commodity is hot

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 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.

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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."