Trade war uncertainties and expectations of a Federal Reserve rate cut has sent gold soaring this month. The precious metal is up more than 3 percent since the start of June, hitting its highest level in more than a year on Friday. According to Carter Worth of Cornerstone Macro, the charts are setting up for a breakout years in the making. "Gold has been toying with the prospects of a breakout repeatedly for the past five years," Worth said Friday on CNBC's "Options Action."

"It keeps approaching this $1,350 plus-minus level, and then backs away. But what's increasingly encouraging about it is the way we've gotten here, which is to say, it's [repeatedly hitting] a higher low, all which would suggest that the tension ultimately is to be resolved." Gold was down more than 1% on Monday afternoon, trading at $1,331.20. As for what a resolution could look like for gold, Worth is feeling bullish — really bullish — because of the technical implications of that 1,350 level. "There's an expression, the more authoritative a level is, the more authoritative the resolution," said Worth, "meaning, this $1,350 level has been in play, now, for half a decade."

All the while, gold's pullbacks have been increasingly shallow during the period of time over which $1,350 has been an authoritative top, suggesting that it's finally ready to spring off the top and into a major breakout. Additionally, Worth notes that gold has recently conquered the commodity space after a long period of lagging.