Gold price dip down to the shit today, and I don’t know why it happen, maybe due to the flood in Australia (Australia is the largest gold supplier in the world). Let’s the chart talk. At 4 hour timeframe, a head and shoulder pattern can be seen. And last year high was not broken, which is good to me. I always want gold price to go down, because gold price has been overbought since a few months ago.
I am expecting a major wave C for gold price. Hopefully, the support will be broken, and 1424.35 remains intact. For those who want to invest in gold, better to wait until the oversold in major timeframe reach.. until then, better to hedge or stay away from gold.
And below is GBPJPY, banked me +500 pips with three open positions for today. [Last week chart for GBPJPY]