Gold Price Warned: September Move Could Push $5,000 Back in Play

The gold price has been trending lower in recent days due to rising oil prices and inflation concerns. However, analysts believe that September could bring a significant move for gold, potentially pushing its value towards $5,000.

The technical setup is based on the XAU/USD chart, which shows the gold price testing a major rising trendline extending from December 2024. If the gold price recovers above this trendline in September, analysts see an initial path towards $5,000.

The weekly setup gives the gold price a clear roadmap, with the first upside objective being $4,695.75. If buyers clear this level, the next targets would be $4,772 and $4,890. A break through all three levels would put $5,015 within reach.