XAUUSD : Gold is looking for a direction to create a new peak

After a sharp decline, gold prices today increased again, fluctuating around 2,369 USD/oz when the Fed Chairman did not comment on reducing interest rates, and global investment funds increased the amount of gold held.

Fed Chairman Jerome Powell told a Senate committee that the economy remains strong. However, he did not make any comments about cutting interest rates, increasing expectations that the Fed will reduce interest rates in September. Accordingly, the USD's upward momentum slowed down, benefiting gold prices today. .