The DAX opened cautiously on Friday morning. At about 9:30 am the index was calculated at roughly 24,475 points, 0.1 percent below yesterday’s closing level. “The DAX could be primed for a technical reversal after the losses of the past few days” said Jochen Stanzl, chief market analyst at Consorsbank. “The lower end of the trading range that has held for nearly three weeks is now breached, which increases the likelihood that buyers may step in at least in the short term. A clear trend remains absent for the DAX, but there are still about 500 points of space to the upper boundary of the oscillation. The index is currently dominated by short‑term, technical traders”.
In silver, Asian trading almost tore the metal apart. Support at $70 was broken and silver briefly fell to around $64. The feared shock waves from the new “silver depths” did not materialise; instead risk appetite returned, allowing investors to take advantage of the low prices. It appears many sold too far, as silver almost halved from its record high to its overnight low.
Market attention is now focused on the Chinese central‑bank update scheduled for the weekend. Investors hope that China’s central bank will continue buying gold despite the record prices seen in January. The narrative that pushed the gold price above $5,000 is also based on a “bet between central banks and private investors”. A decline in Chinese purchases at this time would therefore be a shock.
After Christine Lagarde rejected a rate cut at the ECB, investors are shifting their optimism toward more positive cues from the United States. “Given the losses this week, it may already be sufficient if the forthcoming inflation and labour‑market data allow the US central bank to keep the door open for further rate cuts in 2026” Stanzl added.
The euro moved a bit stronger on Friday morning: one euro fetched 1.1789 USD, and one USD was worth 0.8482 euro.
Gold benefited noticeably, trading at $4,867 per troy ounce in the morning-a 1.9 percent gain-equivalent to about 132.73 euro per gram. Meanwhile, oil rose significantly: Brent crude fetched $68.28 per barrel at 9:00 am German time, up 73 cents or 1.1 percent from the previous day’s close.