Current Situation of Gold

Gold may experience volatility and most probably downward pressure because of a stronger dollar but finds support from central bank demand. We’ll closely watch Fed Reserve statements and geopolitical events for price direction. I’ll watch the price action carefully.

Gold remains buoyant, around 2400 USD levels. The weakening dollar and declining bond yields are bolstering gold’s appeal amid rate cut expectations possibly in September. The outlook remains positive but ongoing inflation developments and interest rate expectations will be the key.

Another factor is the accumulation of gold by central banks.

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Gold has corrected 50% of its recent rise from 2277. It dipped to 2354 during the day but showed a slight rebound. It needs to hold above 2365, however, for a new strong positive wave to form and the possibility of setting a new record to be confirmed, it needs to hold above 2409.

Short term bear / long term bull.
A strong dollar and accumulation by central banks as @Pippo pointed out has helped,
but as soon as the fed starts cutting rates, the dollar weakens and inflation rises, gold and most other commodities should do well in the long run