We could see a return to market fundamentals in September, according to Clive Lambert, director at FuturesTechs. He sees stocks paring back slightly, with oil tracking the losses, and gold creeping up to its former safe-haven glory again.
"September arrived and volume came back and the sellers came back," Lambert said Thursday.
But he told CNBC he doesn't personally see markets retesting the March lows.
"I think the low is in," he said. "But I think we could give back a fair old chunk of what we saw in July because it wasn't built on any real, solid foundations."
This week, while stocks fell, "gold broke to the upside. At the same time, bonds broke to the upside," he told CNBC.
It's almost like how it used to work when you "get flight-to-quality trades at the same time as you get stock markets selling off," Lambert said. The early days of September may be shaping things to come, whereby the fundamentals return to the market, he added.
Lambert sees gold "in a healthier state as we have for a long time" and could "have a good go" at the June high of $992 an ounce, or even the February high of $1,007, and possibly even retest the all-time high of $1,034.
He sees oil continuing its downtrend toward $62.50 a barrel, and possibly lower to $55.
- Click here to watch Lambert's interview