Gold prices hit a four-month low Thursday, but Carlos Sanchez, an analyst at CPM Group, a precious metals firm, is enthusiastic about the metal's future.

"I think we're at the lows," he told CNNMoney. "This is a good buying opportunity for mid- to long-term investors."

December gold futures rose 50 cents an ounce on the Comex Friday to settle at $1,244.10.

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The Federal Reserve's indication that it may begin tapering its quantitative easing (QE) soon put pressure on gold. QE helps gold by weighing the dollar down and raising the threat of inflation.

The dollar and gold often move in opposite directions, and inflation makes gold more attractive as a store of value.

But gold's ability to hold above $1,240 an ounce last week was a significant sign of technical support, he says.

Meanwhile, Sanchez doesn't believe the economy is strong enough for the Fed to begin cutting back on its economic stimulus next month. And while the central bank will ultimately taper, "the Fed doesn't want to do it in a way that causes interest rates to spike higher," he said.

Not everyone is bullish on gold. Goldman Sachs analysts predict in a report obtained by
Bloomberg that the metal, along with iron ore, soybeans and copper will fall at least 15 percent next year.

Gold is a "slam dunk" sell for next year, with the U.S. economy continuing to rebound, Jeffrey Currie, Goldman's head of commodity research, said last month, according to Bloomberg.

Goldman forecast gold will end 2014 at $1,050, a 16 percent drop from Friday's Comex
settlement.

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