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Daily market commentary: DAX-30 invalidates its short-term bullish trend


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ActivTrades’ Market Analysts have prepared for Leaprate their daily commentary on traditional markets for May 28, 2019. See details below:


Gold

Gold is little changed after the EU elections as markets seem to have already priced in the outcome of the vote, which is not a particularly worrying one for investors. A steady EUR/USD exchange is also keeping bullion steady. From a technical point of view, we would have a first positive signal above $1,290, with space in this case for further rallies to $1,300, while the first support levels are placed at $1,270 and $1,266.

Carlo Alberto De Casa – Chief Analyst, ActivTrades

European shares

Miners helped the Stoxx-600 to open higher this morning, alongside Asian stocks and U.S. Futures. But this fragile bullish movement has been registered amid weak volumes as investors returned from a bank holiday in the U.S. and U.K. European stock markets have been weighed down by sentiment shift shortly after the open, after President Trump said that the U.S. was not ready to sign a trade deal with China. Only U.K.-listed stocks remain steady as large exporting groups are benefiting from a weaker pound, driven by uncertainty over the next British Prime Minister.

The Stoxx-50 index is now trading towards its first available support over 3,345.0pts. The DAX-30 has invalidated its short-term bullish trend and is now heading towards 12,025.0pts, while the French CAC-40 index shows a similar configuration as the market, currently above its 5,285.0pts support, could quickly reach the 5,260.0pts zone.

DAX-30 chart below:

Pierre Veyret– Technical analyst, ActivTrades

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Daily market commentary: DAX-30 invalidates its short-term bullish trend

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