Where Gold Is Headed Now

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Gold's lengthy run has stalled, and the yellow metal has gotten whipsawed over the past few days. But don't expect current levels to last.

So says MacNeil Curry, head of foreign-exchange and rates technical strategy at Bank of America Merrill Lynch.

"We've been rallying for over ten years now in gold," he told CNBC's Melissa Lee. "We have yet to see any kind of long-term speculative blowoff phase."

Curry says that while gold has been trading in a range between $1,500 and $1,900 per ounce, "we do think that ultimately we will have to break higher as the speculative furor starts to pick up."

Curry sees gold heading into the $2,000 an ounce level in 2013, and he thinks it could reach $3,000 to $5,000 in the long run.

Rebecca Patterson, chief investment officer at Bessemer Trust, doesn't use those numbers, but she is equally convinced that gold will rise, thanks largely to currency-denting stimulus moves that central banks appear to be planning.

The Bank of Japan could ease more, she says, and the Federal Reserve has a meeting coming up where they will probably continue quantitative easing. "Money keeps being printed, people want to hedge their currency risk, hedge their inflation risk, and the official sector keeps buying," she says, adding that there is also growing retail demand. "I know I sound like a broken record, but I still believe in buying the dip in gold."

And Kathy Lien, managing director at BK Asset Management, thinks gold's current levels represent a buying opportunity. "Anywhere between $1,680 and $1,720 are good points to enter into gold," she says. "As we get into a period with five central banks meeting this coming week, we could get some dovish comments out of some of them, and I think that could pave the way for some further gains in gold."

CURRENCY FUTURES

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