Get ready for gold volatility as Fed Chair Powell speaks - RBC Wealth Management
(Kitco News) Gold traders should gear up for some afternoon volatility in the precious metals market as the Federal Reserve Chair Jerome Powell testifies before the U.S. House of Representatives Financial Services Committee at 12:30 p.m. EDT, says RBC Wealth Management managing director George Gero. “Expect some gold volatility as House Financial Services will hear from FED Chair Powell, also FED’s Williams, Brainard, Kashkari and Bostic,” Gero writes Tuesday. Silver prices are now trading above $18 an ounce while gold is inching closer to the $1,800 an ounce level amid a short holiday week, Gero adds. “Thursday employment numbers so short covering and some profit-taking May ensue,” he writes.