Gold futures trade around $1,300 an ounce on Thursday, but traders should maintain a defensive strategy, RJO Futures senior market strategist Phil Streible tells TheStreet's Joe Deaux. A steadily falling U.S. dollar and lingering uncertainties about Russia and Ukraine are adding pressure to gold. Streible recommends scaling into the gold trade in smaller amounts, and he suggests buying a put option at the $1,270 an ounce level. If the market comes down, Streible says you would initiate a long futures order. He says this is a protective strategy.

If you liked this article you might like

Best of Kass: Why I Bought Gold (and Think It Could Hit a Record High in 2018)

Best of Kass: Why I Bought Gold (and Think It Could Hit a Record High in 2018)

Why I Bought Gold (and Think It Could Hit a Record High in 2018)

Why I Bought Gold (and Think It Could Hit a Record High in 2018)

Time to Play Gold -- But Not the Way You're Thinking

Time to Play Gold -- But Not the Way You're Thinking

How to Tackle Investing: Cramer's 'Mad Money' Recap (Wednesday 2/14/18)

How to Tackle Investing: Cramer's 'Mad Money' Recap (Wednesday 2/14/18)

Bridgewater's Ray Dalio Gets More Bullish on Gold Amid Warnings of Recession

Bridgewater's Ray Dalio Gets More Bullish on Gold Amid Warnings of Recession