Macroeconomic data is weak across the board, but more gold prices are still lacking a major tailwind, said Phil Streible, Senior Market Strategist, RJO Futures.

"We could quickly see things turn worse, we could see the equity markets break down fast. The macro picture, like I said, is terrible. It'd be interesting to see how the Federal Reserve...if they aggressively cut rates, then gold could do it, but it's going to take a lot more momentum behind it," Streible told Kitco News.

On the conflict in Syria with Turkey, Streible noted that an escalation could happen, and one way to play this would be longer-term dated options on gold.

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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.