For the second day in a row, gold prices have closed higher on the day. Is it time to look for a potential bottom? More importantly, are gold prices in oversold territory?

“There's something happening here. What it is ain't exactly clear” - Steven Stills

Now for the third consecutive week, gold and silver prices continue to trade dramatically lower. As of 3 o’clock Eastern Standard Time, gold futures are trading at $1216.50, which is a net loss of $10.60 (-0.86%) on the day.