Gold reaches its most overbought level since January

$GLD has reached its most overbought level since January's all-time high.
Gold's latest rally has pushed momentum indicators back toward stretched territory as demand for hard assets remains strong.
Overbought conditions do not necessarily mean the rally is finished, but they increase the risk of consolidation or a short-term pullback after a rapid move.
For $GLD, traders will be watching whether momentum can remain elevated or begins to cool.