Gold has just set a fresh year-to-date high of $1,344, having jumped 1.12 percent to $1,342 yesterday.
While the higher highs and higher lows indicate the path of least resistance is to the higher side, the relative strength indices (RSI) on the hourly, 4-hour, daily and weekly charts are reporting overbought conditions.
As a result, the yellow metal could see a minor pullback, possibly to $1,337 (5-candle moving average on 4-hour chart) before rallying towards $1,354 (100-month moving average), as indicated by the bullish higher low and higher high setup.
Daily chart
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Trend: bullish but overbought
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