(GER 40) DAX clawing back gains
The (GER 40) DAX continues to grind higher after the recent sell-off saw prices test the lower region of 23K. The price was steadily clawing back losses and is testing the daily resistance of 24000. Another bullish breakout would put the bulls back in the driver’s seat and send the index to its recent high around 24500, paving the way for a bullish continuation in the medium term. Further down, 23400 is a firm support should prices swing lower.
EURUSD keeps the high ground
The US dollar remains under pressure as traders anticipate further gains for the euro. The pair now looks to consolidate before the next move as prices recouped over 100 pips from last week’s NFP numbers. As sentiment remains bullish, trend followers could look to jump in at the next pullback. 1.1500 is the first support, and 1.1625 is a key level to keep the momentum intact as the RSI hovers in the neutral zone.
XAGUSD consolidates gains
Silver remains cautious even though a weaker US dollar boosted the demand for precious metals. A surge above 37.00 is a sign of strong buying pressure, carrying the price towards 37.50. But since then, a slight pullback has halted the progression as sellers stepped in. Bulls need to catch their breath after the RSI looks to develop a bearish divergence. A close back above 38.00 would flush out the remaining selling interests and open the door to last month’s peak at 39.50.
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