Gold Technical Analysis: Jumps to fresh YTD highs, RSI reporting overbought conditions on all major time frames

Omkar Godbole FXStreet Contributor

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

Trend: bullish but overbought

1. R3 1366.45
2. R2 1354.14
3. R1 1347.51
PP 1335.2
1. S1 1328.57
2. S2 1316.26
3. S3 1309.63

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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