Dax Index (GER 40) finds support
The Dax Index whipsaws on concerns that European markets are preparing for potential tariffs. Prices are testing 22800 as buyers look to keep hold of their recent gains. A break past this level opens another rally to the recent peak at 23200. This would suggest a strong enough follow-through to keep the short-term bullish momentum intact. However, a close back below 22400 would resume the downtrend with a fresh low at 22000.
GBPUSD hits resistance
The pound remained upbeat after the bullish rally came to a halt. After jumping over 300 pips in recent sessions, prices succumbed to consolidation in the mid-1.2900 area. As the pair floats around the 1.2900 level, the RSI’s double dip into the overbought area attracted some bargain hunters. On the upside, 1.2950 is the immediate resistance to move past the recent swing high. A break below 1.2870 would test buyers’ resolve to prevent a retracement towards 1.2700.
XAGUSD pushing higher
Silver held on to its gains after piercing through the 32.00 barrier. The price is drifting away from the previous firm support at that level, with a break past 32.50 showing that bulls are still in the market. Intraday-wise, the RSI’s overbought condition could trigger a reversal, which is following the choppy trend. 32.20 is the closest support, with a move back down to 31.40 likely if the former level is broken. A 32.65 break is needed for price action to move towards the previous peak of 33.20.
