Technical analysis XAUUSD for 24.08.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest support is the level 1744. The closest resistance is the level 1758

Key levels

• 1807, 1777, 1758, 1744, 1729, 1710, 1680

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1744, with Take Profit of 1729 and Stop Loss of 1758

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1758, with Take Profit of 1777 and Stop Loss of 1744