Here are two ways to make money off of the jobs report

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With Friday's jobs report keeping the market on its toes, two traders have their eyes set on two different plays to make off of the big number.

Phillip Streible, senior market technician, is keen to get in on gold. The yellow metal has taken a bit of a tumble as of late, but Streible is convinced that investors can make a shining trade with gold, especially given the Federal Reserve's possible actions.

"The job number puts a lot of perspective on as far as if the Fed's going to raise rates or not," he said Thursday on CNBC's "Trading Nation."

"If we do see this number beat, we should see gold prices actually set back on that," Streible added. "That's where I'd like to get long, because if you look at Janet Yellen, she was pitching more of a one-time scenario here."

Expectations are for 180,000 jobs to be created according to the nonfarm payrolls metric. If the actual numbers come in above that, the Fed could be more likely to raise its interest rate targets in December or even September. And if the Fed does hike rates, Streible sees gold falling back toward its 100-day moving average around $1,298, which he sees as the spot to get long.

S&P Global chief investment officer Erin Gibbs sees the retail sector as a good bet.

"We looked at betas to the change in the jobs report, year-over-year changes," she said. "Assuming that we're going to have an increase in jobs, we looked at those industries that do well when there's a positive change, and one of the things that really stood out across the board is that three out of the top five industries were retail."

More specifically, Gibbs sees specialty retail linked to home sales as an even more solid buy, given the stellar numbers that have come out during the summer.

"We think that combined with a lot of the positive numbers we've seen with the housing reports, we'd really like stocks like your Home Depot, your Lowe's, those specialty retails that also have exposure to home sales," she said.

Home Depot and Lowe's are both currently up 7 percent year to date and have been rallying alongside homebuilder stocks since February.