Maybe the goldbugs will finally strike gold.

After enduring years and years of losses, bullion is tracking for its best month since January 2012, up 9 percent. And according to a highly regarded technician, the hot commodity is about to get even hotter.

"I think we can squeeze a little bit more out of this trade" said Ari Wald of Oppenheimer on CNBC's Fast Money last week.

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According to Wald's chart work, the recent price action in gold is strikingly similar to the activity in 1999 when the commodity reversed a multi-year downtrend and started to form a base.

If history is in fact repeating itself, the long term decline in gold is setup for a long term bottom. The recent turbulence has some investors seeking the safety of gold.

"The trading environment is much more favorable, and presents tradable opportunities within this base" said Wald.

Wald recommends playing the gold miners over gold. The Gold Miners ETF is tracking for its best month since May 2009, up 32 percent. According to Wald's chart work, gold miners' underperformance relative to gold have recently reversed, suggesting miners will be the outperforming asset within the group.

"That is not my favorite area to sell right here. I think near-term as a trade gold miners continue to work" said Wald.

—By CNBC's Re-Essa Buckels