Gold Price Recovery Keeps RSI Above Oversold Zone

From forex.com

The price of gold extends the recovery from the start of the week to keep the Relative Strength Index (RSI) above 30, and bullion may attempt to further retrace the decline from the monthly high ($2762) as the oscillator moves away from oversold territory. In turn, bullion may reestablish the bullish trend from earlier this year should it trade back above the moving average, but the price of gold may consolidate over the coming days if it no longer responds to the positive slope in the indicator. With that said, the recent rebound in the precious metal may unravel should it struggle to retrace the decline following ... (full story)