Technical analysis XAUUSD for 12.07.2022

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 1718. The closest resistance is the level 1735

Key levels

• 1765, 1748, 1735, 1718, 1702

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 1735, with Take Profit of 1718 and Stop Loss of 1748

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1748, with Take Profit of 1765 and Stop Loss of 1735