Daily summary: European markets begin week in positive territory

• Dax reached new all-time high
• Bank holiday in the US
• Tensions in the Middle East drove oil to a 13-month high

European indices finished today's session higher, with DAX 30 closing  at new record highs and other major bourses gaining between 1% and 2.5%, on optimism about the rollout of COVID-19 vaccines and new fiscal aid from Washington. On the data front, the Eurozone trade surplus came in larger than expected in December, with exports rising and imports falling. However Eurozone industrial output contracted more than forecast.

Although US stock markets are closed today for the Presidents Day holiday, futures reached new records after news that President Joe Biden will participate in his first virtual meeting with other leaders from the G-7 nations on Friday to discuss the COVID-19 pandemic and to recommit the US to multilateral engagement, including joining the COVAX global vaccine initiative.  The dollar index fell to 90.30, the lowest level since the end of January due to higher demand for riskier currencies, mainly the British and Chinese yuan.

WTI crude rose more than 1.0% and is trading around $60.12 a barrel while Brent jumped 1.27 % reaching its highest level since January 2020 after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Iran-aligned Houthi group. Elsewhere gold futures fell 0.30% to  $ 1,817.00 / oz, while silver is trading 0.9% higher near $ 27.60 / oz.

Silver bounced off the lower limit of the ascending channel on Friday and today's upward move is being continued.  Price is currently trading near the resistance at $27.75/oz. Should a break above occur, then upward  move could be extended to the  $28.32 level. On the other hand, if sellers will manage to regain control, then downward impulse towards support at $27.00/oz could be launched. Source: xStation5