Technical analysis XAUUSD for 18.08.2022

The Tenkan-sen line is located below the Kijun-sen line. Blue is directed downward, while red remains horizontal. 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 resistance is the level 1769.30. The closest support is the level 1752.30

Key levels

• 1789.75, 1780.65, 1769.30, 1752.30, 1735.25, 1723.50

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1769.30, with Take Profit of 1780.65 and Stop Loss of 1760.00

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1752.30, with Take Profit of 1735.25 and Stop Loss of 1760.00