Silver (XAGUSD) avoids breaking support
Silver (XAGUSD) managed to stop the drop as prices recaptured the 33.00 level. The next stop is breaking through the daily resistance of 33.50, which could keep the bullish run on precious metals. However, the RSI’s oversold condition could warrant a brief correction as some sellers take their chips off the table. On the downside, 32.70 is a fresh support, with the psychological level of 32.00 being the next hurdle.
GBPUSD stuck in a range
The pound remains optimistic as prices stay elevated after the early March rally drove prices towards the 1.3000 zone. On the chart, the pair is still striving to hold above 1.2850 at the base of the range, which is a critical floor for bears to break. A bearish breakout could trigger a sell-off towards 1.2600 at the previous swing low. Bulls are still eager to defend the drop, and a pop above 1.2940 would be an encouraging sign and could pave the way for a broader rally.
GER 40 struggles for bids
The Dax took its foot off the pedal as risk sentiment continued to shift. The recent bottom at 22700 could be tested again however, strong support is expected at that level. A break above 23000 will throw out some sellers and could open the door for an extended recovery above 23400 at the previous peak as the RSI remains subdued in the oversold area.
