[EN] XAUEUR vs XAUUSD // GaliortiTrading

XAUEUR has greatly improved its appearance relative to the chart of $OANDA:XAUUSD. See the weekly charts of both:

1 W €

1 W $

We will now comment on the charts XAUEUR :

XAUEUR has reached a market top in the very short term but we think that before the end of the year it will reach new all-time highs with free upside, a fact that will probably take time for the XAUUSD to achieve. For this we base our analysis on:

- large volume in euros since mid-August (volume has tripled), a fact that has not occurred in dollars.
- the best technical aspect.

In the first half of March 2022 XAUEUR made record highs but the price was rejected with strong volume (the highest in the entire historical series).
For such reason, we expect a correction in the coming days as this is the third time it faces that resistance arriving with strong overbought. It does not facilitate the rise:
1. weekly bearish divergence in the RSI.
2. Technical figure of an evening star on the daily chart.
3. Extreme slope of the short term bullish guideline.

1 D

We believe that in the coming weeks there will be a correction with a target of 50% of Fibonacci of the entire rise since the beginning of the month (around 1.803-1.813€), a level that will be reinforced by the 200-session average.

4h

On 30-minute charts, the price is supported by the 100-session average. Its loss will accelerate the falls towards the floor of the bullish channel with origin at the beginning of the month. Its first downside target is 1,850 (23.6% Fibonacci correction area). Its loss would generate a second downward target at 1,810-1,820 (50% Fibonacci correction area).

30

From there, the stock will probably restructure upwards to try to beat its historical highs before the end of the year.

Pablo G.