Traders are cautious as reflected in fractional declines in gold and the dollar

Market participants are trading cautiously with a wait-and-see attitude as this week contains multiple events that could have a deep impact on the financial markets across the board. Cautiousness is the overall demeanor of market sentiment as traders and investors await Chairman Powell's appearance before both the Senate and House beginning on Tuesday. This will be followed by the Labor Department's jobs report for February on Friday.

The more hawkish faction of the Federal Reserve continues its strong narrative that was evident last weekend. On Saturday the San Francisco Federal Reserve President Mary Daly discussed economic and policy issues with Michael Strain, director of Economic Policy Studies at the American Enterprise Institute.

Throughout the interview, she continued to underscore the narrative of the more hawkish faction of Federal Reserve officials by expressing that the policy of the Federal Reserve most likely will continue to tighten and maintain the more restrictive policy for a longer time.

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