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

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