Choppy Days Ahead , False breakouts expected : Caution
We have seen in previous trading days that Price has been respecting more of Trendlines than horizontal s/r levels ,
Price is near edge of triangle awaiting breakout , as after trendlines are broken we expect price to respect horizontal levels till new trend is not formed ,
Therefore it is advised not to trade trendlines breakout till price doesnot move above and s/r levels ,
Breaking out of trendline than bouncing back of s/r levels may create false breakout scenarios.
We would like to wait for price move decisively in either direction before entering the trade,
For scalping , shorting from trendline towards bottom of triangle can be a valid option... still we would be waiting few more days before trading Gold
Price is near edge of triangle awaiting breakout , as after trendlines are broken we expect price to respect horizontal levels till new trend is not formed ,
Therefore it is advised not to trade trendlines breakout till price doesnot move above and s/r levels ,
Breaking out of trendline than bouncing back of s/r levels may create false breakout scenarios.
We would like to wait for price move decisively in either direction before entering the trade,
For scalping , shorting from trendline towards bottom of triangle can be a valid option... still we would be waiting few more days before trading Gold
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as advised earlier... we have witnessed false breakout towards up...