Technical analysis XAUUSD for 06.03.2023

The Tenkan-sen line is located above the Kijun-sen line. Both lines are directed upwards. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1856.30. The closest support is the level 1844.50

Key levels

• 1866.70, 1862.10, 1856.30, 1844.50, 1836.50, 1828.10

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1856.30, with Take Profit of 1862.10 and Stop Loss of 1850.00

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1844.50, with Take Profit of 1836.50 and Stop Loss of 1850.00