Technical analysis XAUUSD for 16.06.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span crossed and fixed below the price chart. In this case, the cloud is descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 1957. The closest resistance is the level 1964

Key levels

• 1977, 1971, 1964, 1957, 1953, 1947

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1957, with Take Profit of 1953 and Stop Loss of 1961

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1964, with Take Profit of 1971 and Stop Loss of 1957