Relative Strength (weakness) of the metal is at a historic level. Today (3:30 eastern) we have an RSI for Gold at 23.47. About an hour ago, the reading was 22.3. Anything below 30 is oversold. Here is a historical perspective of what RSI readings were at previous bottoms. There aren't many periods where the RSI has stayed down here.
Based on London PM Gold Fix
Information Date --- POG --- RSI(14)
11-Jan-2001 --- 264.15 --- 30.74
12-Jan-2001 --- 263.70 --- 29.78
15-Jan-2001 --- 263.50 --- 29.35
16-Jan-2001 --- 264.45 --- 34.29
04-Apr-2003 --- 323.80 --- 32.62
07-Apr-2003 --- 319.90 --- 29.72
08-Apr-2003 --- 323.40 --- 35.29
28-Apr-2004 --- 392.25 --- 34.65
29-Apr-2004 --- 386.00 --- 29.80
30-Apr-2004 --- 388.50 --- 33.79
07-May-2004 --- 380.80 --- 30.13
10-May-2004 --- 375.00 --- 26.46
11-May-2004 --- 375.25 --- 26.88
12-May-2004 --- 382.20 --- 37.41
03-Jan-2005 --- 435.60 --- 39.92
04-Jan-2005 --- 427.75 --- 28.73
05-Jan-2005 --- 426.00 --- 26.91
06-Jan-2005 --- 424.35 --- 25.30
07-Jan-2005 --- 422.20 --- 23.33
10-Jan-2005 --- 420.00 --- 21.48
11-Jan-2005 --- 421.35 --- 25.38
12-Jan-2005 --- 426.60 --- 38.22
07-Feb-2005 --- 414.40 --- 31.31
08-Feb-2005 --- 411.10 --- 27.91
09-Feb-2005 --- 411.15 --- 28.04
10-Feb-2005 --- 415.50 --- 38.25
30-May-2005 --- 418.25 --- 35.76
31-May-2005 --- 414.45 --- 29.13
01-Jun-2005 --- 415.35 --- 32.33
13-Jun-2006 --- 586.50 --- 31.67
14-Jun-2006 --- 567.75 --- 27.84
15-Jun-2006 --- 569.50 --- 28.70
19-Jun-2006 --- 571.00 --- 30.30
20-Jun-2006 --- 567.00 --- 29.35
21-Jun-2006 --- 574.60 --- 33.62
14-Sep-2006 --- 584.40 --- 32.31
15-Sep-2006 --- 573.60 --- 28.87
18-Sep-2006 --- 580.50 --- 33.72
30-Apr-2008 --- 871.00 --- 32.07
01-May-2008 --- 853.00 --- 27.89
02-May-2008 --- 853.50 --- 28.17
05-May-2008 --- 853.50 --- 28.17
06-May-2008 --- 880.00 --- 42.02
07-Aug-2008 --- 871.50 --- 33.15
08-Aug-2008 --- 852.50 --- 29.00
11-Aug-2008 --- 852.50 --- 29.00
12-Aug-2008 --- 817.75 --- 22.91
13-Aug-2008 --- 818.50 --- 23.28
14-Aug-2008 --- 818.00 --- 23.20
15-Aug-2008 --- 786.50 --- 18.78
18-Aug-2008 --- 796.25 --- 23.63
19-Aug-2008 --- 788.75 --- 22.52
20-Aug-2008 --- 815.75 --- 34.50
09-Sep-2008 --- 781.75 --- 30.91
10-Sep-2008 --- 775.75 --- 29.56
11-Sep-2008 --- 740.75 --- 23.19
12-Sep-2008 --- 750.25 --- 27.74
15-Sep-2008 --- 775.00 --- 38.05
16-Sep-2008 --- 779.50 --- 39.73
23-Oct-2008 --- 720.00 --- 30.74
24-Oct-2008 --- 712.50 --- 29.92
27-Oct-2008 --- 730.50 --- 34.47
23-Sep-2011 --- 1689.00 --- 35.35
26-Sep-2011 --- 1598.00 --- 27.51
27-Sep-2011 --- 1659.00 --- 37.51
14-Dec-2011 --- 1603.00 --- 31.79
15-Dec-2011 --- 1574.00 --- 28.89
16-Dec-2011 --- 1594.00 --- 33.40
28-Dec-2011 --- 1571.00 --- 31.07
29-Dec-2011 --- 1531.00 --- 26.11
30-Dec-2011 --- 1531.00 --- 26.11
02-Jan-2012 --- 1531.00 --- 26.11
03-Jan-2012 --- 1598.00 --- 44.60
15-May-2012 --- 1556.50 --- 30.80
16-May-2012 --- 1539.50 --- 23.55
Based on London PM Gold Fix
Information Date --- POG --- RSI(14)
11-Jan-2001 --- 264.15 --- 30.74
12-Jan-2001 --- 263.70 --- 29.78
15-Jan-2001 --- 263.50 --- 29.35
16-Jan-2001 --- 264.45 --- 34.29
04-Apr-2003 --- 323.80 --- 32.62
07-Apr-2003 --- 319.90 --- 29.72
08-Apr-2003 --- 323.40 --- 35.29
28-Apr-2004 --- 392.25 --- 34.65
29-Apr-2004 --- 386.00 --- 29.80
30-Apr-2004 --- 388.50 --- 33.79
07-May-2004 --- 380.80 --- 30.13
10-May-2004 --- 375.00 --- 26.46
11-May-2004 --- 375.25 --- 26.88
12-May-2004 --- 382.20 --- 37.41
03-Jan-2005 --- 435.60 --- 39.92
04-Jan-2005 --- 427.75 --- 28.73
05-Jan-2005 --- 426.00 --- 26.91
06-Jan-2005 --- 424.35 --- 25.30
07-Jan-2005 --- 422.20 --- 23.33
10-Jan-2005 --- 420.00 --- 21.48
11-Jan-2005 --- 421.35 --- 25.38
12-Jan-2005 --- 426.60 --- 38.22
07-Feb-2005 --- 414.40 --- 31.31
08-Feb-2005 --- 411.10 --- 27.91
09-Feb-2005 --- 411.15 --- 28.04
10-Feb-2005 --- 415.50 --- 38.25
30-May-2005 --- 418.25 --- 35.76
31-May-2005 --- 414.45 --- 29.13
01-Jun-2005 --- 415.35 --- 32.33
13-Jun-2006 --- 586.50 --- 31.67
14-Jun-2006 --- 567.75 --- 27.84
15-Jun-2006 --- 569.50 --- 28.70
19-Jun-2006 --- 571.00 --- 30.30
20-Jun-2006 --- 567.00 --- 29.35
21-Jun-2006 --- 574.60 --- 33.62
14-Sep-2006 --- 584.40 --- 32.31
15-Sep-2006 --- 573.60 --- 28.87
18-Sep-2006 --- 580.50 --- 33.72
30-Apr-2008 --- 871.00 --- 32.07
01-May-2008 --- 853.00 --- 27.89
02-May-2008 --- 853.50 --- 28.17
05-May-2008 --- 853.50 --- 28.17
06-May-2008 --- 880.00 --- 42.02
07-Aug-2008 --- 871.50 --- 33.15
08-Aug-2008 --- 852.50 --- 29.00
11-Aug-2008 --- 852.50 --- 29.00
12-Aug-2008 --- 817.75 --- 22.91
13-Aug-2008 --- 818.50 --- 23.28
14-Aug-2008 --- 818.00 --- 23.20
15-Aug-2008 --- 786.50 --- 18.78
18-Aug-2008 --- 796.25 --- 23.63
19-Aug-2008 --- 788.75 --- 22.52
20-Aug-2008 --- 815.75 --- 34.50
09-Sep-2008 --- 781.75 --- 30.91
10-Sep-2008 --- 775.75 --- 29.56
11-Sep-2008 --- 740.75 --- 23.19
12-Sep-2008 --- 750.25 --- 27.74
15-Sep-2008 --- 775.00 --- 38.05
16-Sep-2008 --- 779.50 --- 39.73
23-Oct-2008 --- 720.00 --- 30.74
24-Oct-2008 --- 712.50 --- 29.92
27-Oct-2008 --- 730.50 --- 34.47
23-Sep-2011 --- 1689.00 --- 35.35
26-Sep-2011 --- 1598.00 --- 27.51
27-Sep-2011 --- 1659.00 --- 37.51
14-Dec-2011 --- 1603.00 --- 31.79
15-Dec-2011 --- 1574.00 --- 28.89
16-Dec-2011 --- 1594.00 --- 33.40
28-Dec-2011 --- 1571.00 --- 31.07
29-Dec-2011 --- 1531.00 --- 26.11
30-Dec-2011 --- 1531.00 --- 26.11
02-Jan-2012 --- 1531.00 --- 26.11
03-Jan-2012 --- 1598.00 --- 44.60
15-May-2012 --- 1556.50 --- 30.80
16-May-2012 --- 1539.50 --- 23.55