XAUUSD and the Three Headed Beast Kerberos

I will explain in this idea why I am bearish on gold and where this three headed bearish pattern got its name from ;). Continue reading to learn more about this!

At first, we saw a bearish double top here on gold like I described in my first idea this month, but now we got presented with this sudden retracement back up just before the weekend was coming.

I keep my bearish bias, but could see a temporary increase in price here to form something like a right shoulder of a H&S pattern.

When discussing this concept on the tradingview chat with other traders, someone mentioned that this Head and Shoulders set-up looks more like a triple head haha. I definitely agree with him and decided to go for this bearish Kerberos set-up ;).

If you weren't shorting gold already, this could be a good moment to wait for a slightly higher price and enter the short again for a good risk reward on your trade.

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- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!