Technical analysis XAUUSD for 17.10.2022

The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue 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 support is the level 1645. The closest resistance is the level 1660

Key levels

• 1690, 1675, 1660, 1645, 1623

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1645, with Take Profit of 1623 and Stop Loss of 1660

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1660, with Take Profit of 1675 and Stop Loss of 1645