[EN] XAUEUR vs XAUUSD // GaliortiTradingOANDA: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 OANDA:XAUEUR :
OANDA: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 OANDA: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 targe t is 1,850 ( 23.6% Fibonacci correction area). Its loss would generate a second downward targe t 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.
