Technical analysis XAUUSD for 18.05.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. 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 1945. The closest resistance is the level 1960

Key levels

• 1990, 1975, 1960, 1945, 1929

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1945, with Take Profit of 1929 and Stop Loss of 1960

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1960, with Take Profit of 1975 and Stop Loss of 1945