Gold - What to expect in September?

٢ سبتمبر ٢٠٢٤

XAUUSD spent the week in a consolidation zone, trading back and forth without notable progress. The price tested resistance several times, but we didn't see higher highs or closes. On the weekly chart, two doji candles in a row suggest a breakout—above or below last week's range—could be near.

Based on price action alone, the market appears overextended, excluding fundamentals. Since March, only bullish months have been observed, with June neutral. A strong divergence on the weekly timeframe signals a possible pullback.

Reviewing September trends from the last five years shows a bearish tendency, even amid a broader bullish trend. This pattern hints at a deeper pullback toward the 50% retracement of the previous month’s range. Still, caution is needed after two neutral weekly candlesticks to avoid chasing the market.

٥ سبتمبر ٢٠٢٤

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Price dropped as expected