Gold Price Analysis: XAU/USD bulls seem tiring before $2,000

• Gold prices rise for the third day to attack two-week top.
• Sustained break of one-month-old resistance line, now support, favors the bulls.
• Overbought RSI, short-term rising trend line challenges the buyers.

Gold prices print 1.09% gains, trades around $1,989.40, as traders in Europe gather for Tuesday’s bell. In doing so, the yellow metal portrays a three-day winning streak to probe the highest levels last seen on August 19.  

However, overbought RSI conditions on the four-hour (4H) chart joins the upward sloping trend line from August 21 to challenge the bullion’s further upside around $1,990.

Hence, the quote’s pullback towards the weekly low near $1,954 can’t be ruled out but the further weakness will depend upon how well sellers dominate below a falling trend line from August 06, at $1,940.

Alternatively, the commodity’s bullish momentum beyond $1,990 will easily pierce the $2,000 threshold while targeting the August 18 peak near $2,015/16.

In a case where the upward trajectory gains acceptance past-$2,016, the record high near $2,075 and the $2,100 round-figures can entertain the buyers.

Gold four-hour chart

Trend: Pullback expected