Trader Brian Kelly said he recently added a new position in the banks. He said if Yellen makes hawkish statements on Friday, the banks could rally.
If the Fed chair's statement ends up dovish, defensive assets like the utilities sector and gold miners are the places to invest, said trader Steve Grasso.
Kelly said, however, that Yellen's potentially hawkish comments are already priced into the gold miners and other gold assets. On Wednesday, the gold miners broke below their 50-day moving average. But even with the recent move to the downside, the VanEck Vectors Gold Miners ETF has soared 99 percent this year.
"Gold, to me, appears to be in a long-run bull market. You buy the dips in that," he said.