​FTSE 100 loses upside momentum while gold price bounces back and GBP/USD advances

FTSE 100 loses upside momentum

The FTSE 100 retracement from its near three and a half month mid-June high at 8902 has taken it to last week's 8695 low before recovering to Monday's 8818 high.

Together with the late May high at 8824 this week's high acts as short-term resistance with the April to July support line at 8759 acting as minor support.

Were it to be slipped through, the 23 June low at 8720 may be revisited and perhaps also last week's low at 8695.

A fall through 8695 would likely engage the 55-day simple moving average (SMA) at 8659 and perhaps also the 23 May low at 8601. While this level holds, the medium-term uptrend remains intact.

Were the 8818 to 8824 resistance area to be exceeded, the 19 June high at 8867 would probably be targeted. If bettered, the mid-June 8902 high and also the March all-time high at 8909 may be back in the frame. Still further up lies the psychological 9000 region which represents another potential upside target.

FTSE 100 daily chart

GBP/USD gradually rises

GBP/USD is gingerly continuing its advance, nearing last week's high at $1.3771, a rise above which would lead to the mid-October 2021 high at $1.3835 being in focus.

Immediate upside pressure should be maintained while Monday's low at $1.3674 underpins on a daily chart closing basis. If not, the $1.3669 to $1.3616 support zone may be revisited.

GBP/USD daily chart

Gold price bounces off support

The gold price's decline from its mid-June $3451.50 per troy ounce near three-month high to Monday's $3244.42 low is being followed by another up leg towards Thursday's $3350.42 high. If overcome, the 23 May high at $3366 and the 23 June high at $3393.64 would be back in focus, together with the 5 June peak at $3403.62.

Slips should find support between the 9 and 24 June lows at $3295.32 to $3293.50.

Further support sits between the 29 May and 30 June lows at $3245.56 to $3244.42.

Gold daily chart