Gold Coming Off Oversold Level

Gold hasn’t been this oversold (based on the RSI) since 2008! It’s still in ‘catching a falling knife’ mode and even though gold had a strong day today, this commodity is still squarely in a down trend. I’d like to see the price of gold continue to rise and then dip back down, putting in a higher low before giving an ‘all clear’ signal before buying Glenn Beck’s favorite commodity.

Disclaimer: Everything in this post is meant for educational and entertainment purposes only. Do not construe anything written in this post or blog as a recommendation, advice, or an offer to buy or sell any securities. I or my affiliates may hold positions in securities mentioned in the blog. Please see my Disclosure page for full disclaimer.

About Andrew Thrasher

Andrew Thrasher is a Portfolio Manager for an asset management firm in Central Indiana. He specializes and writes about technical analysis as well as macro economic developments.