The SPDR Gold Shares (NYSEArca: GLD), iShares Gold Trust (NYSEArca: IAU) and other gold exchange traded funds have recently traded lower, but some technical analysts believe the yellow metal can regain its bullish ways if some important technical levels are taken out.

GLD is the largest physically backed gold ETF on the market, providing investors exposure to gold price movement in an easy-to-use investment vehicle. The ETF is backed by physical gold bars stored in London vaults. The gold trust currently holds about 27.2 million ounces of gold, so each SDPR Gold Shares represents fractional ownership of the underlying gold.

“Gold prices need to break through the resistance level at $1,350 to $1,375, which would then confirm the six-year technical base and set up a larger rally,” said Bank of America Merrill Lynch technical strategist Paul Ciana in an interview with CNBC.

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As the dollar has strengthened, GLD and other gold ETFs have recently given back some gains and are now flat on a year-to-date basis. Additionally, global gold demand dipped in the first quarter, but ETFs were an exception. On a global basis, gold ETFs have added new assets for five consecutive quarters.

Some market observers believe support for gold is firm at $1,300. The recent safe-haven buying could help gold maintain its current levels as more investors try to diversify their core portfolio positions in more volatile markets.

“”As soon as this $1,350 to $1,375 area goes, which I do think it will later this year mostly when the dollar rally kind of tempers itself and neutralizes, that puts gold on the path to $1,450 so plenty of room there,” said Ciana,” according to CNBC.