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The blockbuster bullion bull, will it last?

Gold bars
Akos Stiller | Bloomberg | Getty Images
Gold bars

According to many chart analysts, the rally in gold prices this year may be the start of a prolonged uptrend for the metal, which is already up nearly 20 percent in 2016.

Wednesday's decision by the Federal Reserve to reduce its forecast for a multiple rate increases sent the U.S. dollar tumbling and lit a fire under gold because of its perceived "store of value" property.

"Investors have lost confidence in central bank ability to assure stability of currencies and economies," futures trader, market analyst and author Jake Bernstein told CNBC Pro. "Gold is still seen as the quintessential safe haven."

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