The precious metal has finally broken its side way pattern on a 30 minute time frame and it is near its minor support zone which was given in our analysis on 3rd of May. The price is also piercing the Bollinger band and it is far enough from its 20 day moving average. The piercing of a Bollinger band only has importance at or near support or resistance level, and in this scenario, this is taking place near its minor support zone. This suggests that the price could take a breather or reverse a trend at this zone.
The RSI is trading in over sold zone which is of vital importance however, it is also trading in line with the price action. In such a scenario, it is more important to pay attention to the oversold territory area of the RSI, which could push the price back up.