Why Gold Still Has Lower to Go: Pro

Despite gold plunging to three-year lows last week, the precious metal could have farther to fall, Barclays commodities analyst Suki Cooper said Tuesday.

"We're looking for more downside weakness in the near-term," she said.

"This is primarily driven due to the investment side, and our main focus here is really the ETFs and the fact that a growing portion of these ETFs are becoming cash-negative."

Barclays holds $1,200 third-quarter price target for gold and a $1,393 year-end target.

On CNBC's "Fast Money," Cooper also said that there was room for gold prices to move higher within that time period as outflows from exchange-traded funds slow down and better support from demand for physical gold from India.

(Read More: Dennis Gartman's 'Watershed' Shift on Gold)

Midday, spot gold prices declined to $1,249 per ounce after hitting an intraday high of $1,267.20.

Trader disclosure: On July 2, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long M; Steve Weiss is long C; Steve Weiss is long BAC; Steve Weiss is long F; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long EBAY; Josh Brown is long AAPL; Josh Brown is long WFC; Joe Terranova is long VRTS; Joe Terranova is long TRV; Joe Terranova is long AXP; Joe Terranova is long OXY; Joe Terranova is long CRUDE OIL FUTURES; Joe Terranova is long MINI S&P FUTURES.