NEW YORK (TheStreet) -- During the holiday-shortened week, equities are rallying thanks to no military intervention in Syria. However, Alan Knuckman, chief market strategist for Trading Advantage,told TheStreet's Jill Malandrino what could happen if that changes.

While equity markets are sensitive to Syrian action, gold and oil are much more contingent on global events, particularly in the Middle East, he said. Crude has been stuck in a multi-year range, between $80 to $115 per barrel. Knuckman said that a breakout over $115 could signal a further move up to $140 per barrel.

While oil did have a key reversal lower from the $112 level, it still closed higher for the week, which is a bullish sign, he added.

As for gold, Knuckman pointed out that a strengthening U.S. dollar could put a near-term cap on the yellow metal, which is still down 17% this year. As the dollar continues higher, along with escalating global tensions, the yellow metal may find support near $1,350, its previous breakout level.

But gold may not be the best way to play a rise in precious metals. Instead, Knuckman concluded that the Market Vectors Gold Miners ETF ( GDX) could fare better, because it was hit so much harder in the second quarter.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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