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.

More from Video

2 Things Fed Chairman Jerome Powell Just Said Upset Investors

2 Things Fed Chairman Jerome Powell Just Said Upset Investors

Jim Cramer: Oil Needs to Go Down to See Worldwide Growth Pick Up

Jim Cramer: Oil Needs to Go Down to See Worldwide Growth Pick Up

Jim Cramer on Starbucks: There Are Multiple Problems Here

Jim Cramer on Starbucks: There Are Multiple Problems Here

Jim Cramer on the Problem With the Case for More Rate Hikes

Jim Cramer on the Problem With the Case for More Rate Hikes

Video: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

Video: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries