Technical analysis XAUUSD for 16.12.2022

The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span crosses bottom upward 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 1811.00. The closest support is the top of the cloud

Key levels

• 1835.00, 1821.80, 1811.00, 1782.70, 1773.90, 1760.70

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1811.00, with Take Profit of 1821.80 and Stop Loss of 1800.50

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1782.70, with Take Profit of 1773.90 and Stop Loss of 1800.50