Jim Iurio's Gold Trade

Jim Iurio shared with the viewers of CNBC's Futures Now his trading idea in gold.

When gold was trading at $1,256, Iurio said that he would buy gold if it trades to $1,258. He added that he would place a tight stop loss at $1,251 and he would take profits, if the commodity reaches $1,270. Iurio believes that the U.S. dollar weakness could trigger a move higher in gold.

Traders who don't like to trade futures, but want to follow Iurio's trade, could take a look at SPDR Gold Trust (ETF) GLD.