For the second straight day, gold's reaction to global events caught trader Guy Adami's eye. Gold, which ended at $1,276 on Friday, should continue to surge in the wake of the Swiss central bank's decision.
"I think the gold market wants to go higher. I think there's definitely a blue sky there," Adami said.
Read MoreSwiss shock no 'game changer' for gold?
A rise in gold should prove a boon to gold miners, Adami said. He continues to tout the Market Vectors Gold Miners ETF, which jumped more than 3 percent on Friday.
The wider commodities market should also climb from its current point, trader Tim Seymour said. He pointed to the Commodity Research Bureau Index, which he believes has hit a key level that signals commodities have neared a bottom.
"People are missing the fact that demand does increase, even though this has been a supply event. I think commodities are going higher," Seymour said.
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With some potential promise in commodities and construction, Caterpillar has room to rebound on the upside, the traders said. The stock has fallen about 8 percent in the last year.
"No way would I be shorting Caterpillar here. Actually, it's a place you might be taking a look," Seymour said.
Trader disclosure: On January 16, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL, BAC, C, DIS, F, GE, GM, GOOGL, INTC, BX, SUNE, Tim's firm is long BABA, BIDU, CCU, DSKY, KNDI, MCD, NKE, NOK, PBR, SINA, TSL, VIP. Brian Kelly is long BBRY calls, BTC=, CTRL calls, GCG5, HYG puts, Yen, TWTR call spreads, he is short EWA, EWG, EWQ, EWZ, EWH, EWW, US Dollar, Yuan, HGH5, today he bought GCG5, today he sold TLT, ZBH15, ZBH, today he covered his short in ESH5. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. Steve Grasso is long AAPL, BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MBLY, MHY, MJNA, NVIV, PFE, POT, SO, T, TMUS, TWTR, YHOO, his kids are long EFG, EFA, EWJ, IJR, SPY his firm is long APA, APC, DHI, DNR, OXY, MTH.