Technical analysis XAGUSD for 01.02.2022

The Tenkan-sen line is located below the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest support is the level 22.265. The closest resistance is the level 22.785

Key levels

• 25.375, 24.600, 23.850, 23.465, 23.135, 22.785, 22.265, 21.475

Trading scenario

• Recommended opening short positions (Sell) at the current price, with Take Profit of 22.265 and Stop Loss of 22.785

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 22.785, with Take Profit of 23.135 and Stop Loss of 22.500