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April 8, 2020, 3:07 p.m. EDT

Jim Iuorio Weighs In On Market, Gold And Oil

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By Benzinga.com

On CNBC's "The Exchange," Jim Iuorio shared with the viewers his opinion on the S&P 500, gold and crude oil.

He sees a price range in the S&P 500 from 2,620 to 2,640 as very important because it corresponds to four highs from the last week of March and also to lows from Wednesday and Tuesday. He thinks the market looks good while it's trading above the range.

Iuorio believes gold is going to do pretty well in this environment as the stimulus offers nice fundamental story for the precious metal. He has a long position and he wants to see it above $1,700. It has to trade comfortably above this level.

OPEC and Russia can support oil price, but we should take baby steps here, said Iuorio. He thinks the demand destruction is huge and the economy has to come back for crude oil to move higher.

Traders who want to trade S&P 500, gold and crude oil, but don't want to use futures, can take a look at SPDR S&P 500 ETF Trust /zigman2/quotes/209901640/composite SPY +0.19% , SPDR Gold Trust /zigman2/quotes/200593176/composite GLD +0.59% and United States Oil Fund LP /zigman2/quotes/203483736/composite USO -3.87% .

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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