Is GOLD good investment?

I wonder how the chart of physical gold looks like in the current realities

There used to be a well-established narrative around the world that gold is a tool to save money from risk. However, now, in the context of the newly aggravated situation in the world , gold does not grow, but sinks after American indices.

But, apparently, investors prefer keep money "under the pillow", leaving it at the mercy of rising inflation .

Net shorts of hedge funds and large managers in gold futures = 4-year high.

On the chart, the nearest targets that I see are $1560 and $1480, the only thing that can change the negative scenario is a return back to the range above $1680 in the coming days.