Technical analysis XAUUSD for 12.01.2022

The Tenkan-sen line is located above the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the top of the cloud. The closest resistance is the level 1820

Key levels

• 1875, 1840, 1820, 1800, 1780, 1760, 1740, 1720

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 1820, with Take Profit of 1800 and Stop Loss of 1840

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1840, with Take Profit of 1875 and Stop Loss of 1820