Trader: Why the gold story has changed

"Welcome back, gold," says the $1,300 price level. "I bet you missed me!"

Gold bugs rejoiced today as the yellow metal soared over $44 – nearly 3.5% – to $1,337 per ounce.

Perhaps, though, the move is less about gold than it is about the dollar over the last 24 hours. The US greenback is down 1.2% versus the Japanese yen and the commodities-based Australian dollar is up 1%.

Then, of course, are the economic fundamentals. A drop in home sales last month when the market was expecting an increase means the economy may not be picking up after all. If that's the case, the markets are anticipating the Federal Reserve Bank may not taper its $85 billion per month bond-buying program.

"Quantitative easing" has helped keep interest rates down adding dollars into the economy. As gold is often seen as an inflation hedge, the need for gold increases if there will be an increase in future monetary supply.

So, with gold now up, have things changed for the precious metal?

We ask Talking Numbers contributors Enis Taner, Global Macro Editor at, and Richard Ross, Global Technical Strategist at Auerbach Grayson, what they think is next for gold. Ross, who had been bearish for a few months, makes a surprising call.

To see Taner and Ross analyze gold, watch the video above.

Follow us on Twitter: @CNBCNumbers
Like us on Facebook: