However, the widely followed Thompson/Reuters Commodity Index could be pointing to a retreat for commodities.

“From a very high level, it’s clear that there is a very ominous “large” head and shoulders topping pattern on the commodity index. This pattern has taken years to form, and is rare in size and stature. This pattern does not mean that a rally cannot take place… or even a pretty good one. But for that to happen, it must first re-take the dual resistance line marked at point,” according to Kimble Charting Solutions.

SEE MORE: Commodity ETFs May Experience Seasonal Weakness in September

Some oil market participants believe the recent price recovery was not fueled by fundamental factors but more of a result to short-covering and speculation over potential production freezes among Organization of Petroleum Exporting Countries and other major producers.

“What happens here appears to be pretty important for commodities and related economic assets (including equities). This is especially true when one considers that Central banks around the world are desperately trying to inflate the global economy,” adds Kimble Charting.

Tom Lydon’s clients own shares of GLD.