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In its recent rally, gold has broken above a very important technical level, according to Rich Ross of Evercore ISI.

The head of technical analysis said Monday he sees much more upside for the yellow metal, now that it has surged past its 150-week moving average. Ross said gold has stayed below that technical indicator since 2013, and may now return to the level where it first changed trends.

"Not only do we break out of this downward channel in decisive fashion, but importantly, we take out that 150-week moving average for the first time since 2013," Ross said.

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More specifically, Ross has a short-term target of $1,400, an 11 percent gain from where the commodity traded on Tuesday. Longer term, Ross said gold prices could rise to $1,560, a 24 percent jump and where gold originally broke below the 150-week moving average.

He also noted that a meteoric rise in gold could mean a lot more pain for the S&P 500, as stocks and gold tend to trade inversely with each other.

"The bad news is, I would imagine if gold surges to $1,560, we could be talking about the S&P at 1,560," Ross said Tuesday on CNBC's "Trading Nation." "So...under the wrong circumstances, gold could reach $1,560."

Not everyone is quite so bullish on the yellow metal. In a note released late Monday, Goldman's commodities research team made an overall bearish call on commodities and reiterated its case to sell gold.

As the dollar heads higher, Goldman expects gold to fall to $1,100, and to $1,000 within the next twelve months. Goldman first recommended shorting gold when it was trading about 5 percent above current prices.

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