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Gold prices have dropped by $220 per troy ounce, or 8%, since late October, reflecting a shift from haven assets to riskier investments amid the prospect of a second Trump presidency. This decline comes as China"s central bank has not increased its gold reserves for six months, and significant outflows from US gold ETFs exceed $1.4 billion. Analysts note that market concerns over US credit risk have diminished, impacting gold"s momentum.
The DAX index fell 0.1% to 19,189, continuing its sideways movement after a 0.3% decline on Friday. It briefly peaked at 19,279 before dropping to a low of 19,092, with key resistance at 19,250 and support at 19,150. A breakdown below 19,000 could target the October low of 18,912.
The DAX index experienced a slight decline of 0.3% to close at 19,210 points, remaining in a neutral zone after an "inside day" of trading. For upward momentum, it needs to surpass 19,250 points, while a continued downward trend could test support levels around 19,136 and 19,000.
Commerzbank AG shares could rise by 35% if Italian bank UniCredit SpA proceeds with a takeover bid, potentially offering up to €21 per share, according to KBW analysts. Currently trading around €16, Commerzbank's stock may face a 20% decline if UniCredit opts not to pursue the acquisition.
Sükriya Aclan has been appointed as the new Head of Wealth Management at UBS Germany, taking over from Philipp Neuhofen. Aclan, who has a background with Dresdner Bank, Commerzbank, and Oddo BHF, will oversee the bank's wealthiest private clients in Germany.In other leadership changes, Björn Jesch has left DWS, with Vincenzo Vedda stepping in as global Chief Investment Officer. Sven Württemberger has been named as Jesch's successor as Head of Switzerland at DWS. Nikolaus Maximilian Linaric will join the Executive Board of ING Germany in December, while Rainer Mellis has resigned from Volksbank Düsseldorf Neuss amid a fraud case. Additionally, Stephan Manz has moved to Aareal Bank as Chief Operating Officer.
UBS has reduced its target price for Bechtle from 44.60 to 36 euros while maintaining a "Neutral" rating, citing increasing short-term challenges and a reduction in earnings estimates by up to five percent. In other news, a bidding war for Evotec is anticipated as Triton acquires a stake, with Halozyme offering 2 billion euros for the company. Meanwhile, the UK economy shows signs of stagnation, prompting government intervention, and the ECB's blockchain trials have been deemed a success by DekaBank.
The DAX index closed at 19,003, marking a new monthly low after a decline of 2.1% earlier in the week. The index is currently testing the 19,000 threshold, with potential upward movement towards 19,250 if it surpasses the 50-day line at 19,104. Conversely, a drop below 19,000 could lead to further declines, targeting the October low at 18,912.
Germany's government has acknowledged its inability to prevent a potential hostile takeover of Commerzbank AG by UniCredit SpA. The finance ministry stated that due to the bank's public listing and diverse shareholder base, a majority acquisition could not be thwarted despite the government's strong opposition.
Commerzbank shares experienced a pullback after a 3.3% decline last week, hitting a low of EUR 15.70. However, prices rebounded to EUR 16.10, indicating potential upward movement towards the October downtrend line and the annual high of EUR 16.97, with further gains possible towards EUR 20.00. Conversely, support is noted at EUR 15.83, with risks of declines if this level is breached.
The DAX opened the week with a notable 1.2% gain, closing at 19,449 after reaching a peak of 19,547. If the index surpasses the September high of 19,492, it may target the all-time high of 19,675, while support levels are identified at 19,330 and 19,250.

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