UNITED STATES March 29 2016 11:21 PM
NEW YORK (Scrap Register): The gold and silver market focus Tuesday will be a luncheon speech by Fed Chair Janet Yellen before the Economic Club of New York, said INTL FCStone.
If she reinforces recently more hawkish sentiment expressed by some Fed officials, “we could see further dollar strengthening and corresponding pressure on gold,” INTL FCStone added.
“However, our take on Yellen is that she is exceedingly dovish and is loathe to disrupt expectations of a central bank firmly set on a very gradual rate trajectory and one that is gentler in slope than that being sketched out by her colleagues,” said analysts at INTL FCStone.
“If we are correct in our assessment, we could see some dollar weakening on Tuesday, leading to a mild pop in the precious-metals group, but all this will be quickly replaced by macro data coming out over the course of the week, with Friday being the most critical day in this regard,” analysts noted.
Several major reports are due out Friday, including nonfarm payrolls.