In trading on Monday, shares of the PowerShares Global Gold and Precious Metals Portfolio ETF ( PSAU) entered into oversold territory, changing hands as low as $20.67 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.In the case of PowerShares Global Gold and Precious Metals Portfolio, the RSI reading has hit 29.4 — by comparison, the RSI reading for the S&P 500 is currently 58.6. A bullish investor could look at PSAU's 29.4 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Looking at a chart of one year performance (below), PSAU's low point in its 52 week range is $17.54 per share, with $24.62 as the 52 week high point — that compares with a last trade of $20.68. PowerShares Global Gold and Precious Metals Portfolio shares are currently trading down about 2% on the day.