The Fed is likely to stay with three hikes this year, while trying to suppress the dollar from climbing higher, said Todd 'Bubba' Horwitz of bubbatrading.com.
"I think what [the Fed] has done here now is they've now lost control of the bond market, so interest rates are rising, and their last hope is to try to manipulate the dollar, and they're trying to suppress that dollar," Horwitz told Kitco News, adding that a higher dollar has the same effect on the economy as tightening monetary policy.
Horwitz noted that he is bullish on gold, putting a lower bound at $1,240 an ounce.
"I do like gold, and I'm a buyer of it, you have to be prepared to sit back and hold it here, just in case, because there's a good chance that we break $1,300, it could test that $1,240 level," he said. "I think gold has already priced in a higher dollar, so I don't think the dollar itself will affect the price of gold right now."