Technical analysis XAUUSD for 20.07.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1702.75. The closest resistance is the level 1713.50

Key levels

• 1735.25, 1723.50, 1713.50, 1702.75, 1688.00

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 1713.50, with Take Profit of 1702.75 and Stop Loss of 1723.50

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1723.50, with Take Profit of 1735.25 and Stop Loss of 1713.50