Technical analysis XAUUSD for 31.05.2022

Tenkan-sen and Kijun-sen lines are merged. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1848. The closest resistance is the level 1865

Key levels

• 1880, 1865, 1848, 1835, 1817

Trading scenario

• Recommended opening long positions (Buy Limit) from the level of 1848, with Take Profit of 1865 and Stop Loss of 1835

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1835, with Take Profit of 1817 and Stop Loss of 1848