“The recent price action that we’ve been seeing has been nothing but a relief rally,” Johnson said on Tuesday on CNBC’s “Power Lunch.” “I think if you’ve got a Trump win, you’ve got a slight push higher, but it’s going to have to take a move to about 1,350 or 1,400 to reverse that long-term downtrend.”

Gold has rallied more than 20 percent year to date, but Johnson believes that the yellow metal could tumble as much as 10 percent to as low as $1,150 if it were to follow the downtrend he believes is still taking place.

But that isn’t to say that gold prices couldn’t rise in the short-term should Trump pull through at the polls on Tuesday. Erin Gibbs, chief investment officer at S&P Global, believes that the correlation between gold and the election is still relatively strong.

“We’re looking at maybe a 45 percent correlation [between a Trump victory and gold prices],” said Gibbs. “So gold may even go up by 3 percent if he wins.”

Gold was down again on Tuesday after a dramatic drop on Monday.