Technical analysis XAUUSD for 08.07.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument corrected to the Tenkan-se line. The closest support is the level 1732.00. The closest resistance is the level 1759.35

Key levels

• 1875.50, 1830.00, 1804.50, 1780.35, 1759.35, 1732.00, 1690.00

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1759.35, with Take Profit of 1804.50 and Stop Loss of 1732.00

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1732.00, with Take Profit of 1690.00 and Stop Loss of 1759.35