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Is gold setting up for a bounce?

Traders work in the gold and silver options pit at the New York Mercantile Exchange.
Jin Lee | Bloomberg | Getty Images
Traders work in the gold and silver options pit at the New York Mercantile Exchange.

Commodity prices have had a rough year.

Crude Oil down about 9 percent on the year and while gold comex is slightly higher Thursday, it is down about 8 percent this year.

Read More Investors dump commodities for the second half

Despite the beating in commodities, two leading Strategists aren't quite ready to count out gold.

Rob Morgan is Chief Investment Officer with Sethi Financial Group. He says the strong dollar will continue to keep the lid on commodities, saying they've already come off so much in price that he "wouldn't underweight them."

Brad McMillian, Chief Investment Officer at Commonwealth Financial Network told CNBC's "Power Lunch" "I Iike to watch beaten down assets that are getting a lot of bad press, because they may be setting up for a bounce."

McMillan goes on to say "Russia was a recent example, and now gold seems to fit the bill."

While those at Commonwealth consider McMillan the resident gold bug, he says "I'm neither bullish on gold at the moment, nor do I think gold is a safe investment, nor am I a disaster buff looking to use gold as a hedge."

Instead, McMillan says he is one of the relatively few people in his firm who is "willing to consider using gold in a portfolio in a significant way."

Sethi Financial Group's Morgan sums up his thoughts on gold saying while he wouldn't underweight the metal, he says "those predicting a rebound in gold in 2016 are off the mark."