The US Dollar broke the 102.00 level after the 51K NFP report to form a reversal pattern after the Fed raising interest rate in its FOMC Meeting Minutes and the 517K surprised NFP report.
The US Dollar is trading around 103.50 to wait for Mr. Powell speaking at 17:40 GMT Feb 7, 2023. If the US Dollar continues to go up to break the 104, gold will be sold off to break the 1859-1861 and it will drop further.
Today, Feb 7 2023, Gold is consolidating around 1873-1876 to wait for US Dollar direction. If the US Dollar index makes a correction to the 102.00 – 102.50 zone. Gold will go up to retest the 1900-1905 zone.
Mr. Powell speaking at 17:40 GMT will have make the US Dollar Index and gold to make big price movement. The 1875-1881 is the key zone for gold down trend.
Gold traders have to watch the US Dollar Index and the 1875-1881 zone for today gold short term up or down gold trend.