This butterfly pattern seats amidst solid support and resistance levels but also there seems to be a tight squeeze that has been broken by bearish momentum. My usual C point entry has been excused in this case but it could still pull through if the bearish momentum is short term. Time will tell.
@fhsk2001, Anything is possible but from price action we can see that Gold faced another down week in a rangebound trade hitting both support and the resistance levels before ending with significant price cuts of nearly $9. Such moves suggest confusion over the trajectory of the metal price with lack of news flow. But again the support was held and there seems to be some panic arising out of North Korea's nuclear threats, which could push gold up towards 1330 and potentially all the way back to the 1350s zone to complete a double-top before falling.
fhsk2001
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@wanadigital, Thank you for the response.
It is difficult to trade under such conditions. I have pending shorts at 1295, 1300, 1304, and 1310. So I don't know how to organize my strategy.