DAX 40

Key insight

25,500 round number is the immediate hurdle; a daily close above it opens the path to the all-time high zone near 26,000. Gold at 4,355 (+1.4%) signals risk-off hedging alongside equities — watch for divergence.

25,489 holds above the 200-day MA near 23,800 and the 2025 breakout zone at 24,000 — trend intact with S&P 500 at record 7,608 providing a supportive global backdrop.

Main risk

Oil at $99.5 — inflation re-acceleration risk

Brent near $100 tightens ECB policy optionality; German industrials face margin pressure if crude holds above $95 into Q4.