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.