Gold and silver are tactical plays ahead of data storm, Powell's Senate testimony - Pepperstone gold silver
Precious metals could be a tactical play ahead of a data storm in the next two weeks, including Federal Reserve Chair Jerome Powell's testimony before the U.S. Senate, said Pepperstone's head of research Chris Weston.
The big market movers coming up are the U.S. employment and inflation reports. But all of this will be preceded by Powell's semiannual testimony before the U.S. Senate's banking committee on the Fed's monetary policy report, scheduled for March 7. Market consensus calls are projecting nonfarm payrolls to have added 200,000 new positions in February after the 517,000-shocker reported in January. The unemployment rate is estimated to tick up to 3.5% from 3.4%.
After February's $100 selloff, the gold market narrowly missed a bearish outside monthly reversal, according to Pepperstone. At the time of writing, April Comex gold futures were last at $1,845.10, up 0.46% on the day.
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