Technical analysis XAUUSD for 19.10.2022

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 1632. The closest resistance is the level 1643

Key levels

• 1685, 1670, 1660, 1651, 1643, 1632, 1615

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1632, with Take Profit of 1615 and Stop Loss of 1643

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1643, with Take Profit of 1660 and Stop Loss of 1632