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Gold, GBP/USD give back some recent gains while FTSE 100 loses upside momentum
Gold, GBP/USD give back some of their recent gains while FTSE 100 loses upside momentum as market sentiment improves over easing US-EU trade tensions.
FTSE 100 trades in near 3-month high
The FTSE 100 has risen to 8,823, a level last traded on the 5 March. The February peak at 8,835 and the March all-time high at 8,909 are thus within reach and remain in sight.
Minor support may be spotted around the 20 March high at 8,742 ahead of the 6 May high at 8,684.
While the 20 May low at 8,602 underpins, the medium-term uptrend is deemed to be intact.
GBP/USD comes off its 2 1/4 year high
GBP/USD is seen coming off its Monday $1.3593 high and may retest the $1.3444-to-$1.3403 support zone which is expected to hold. If not, the April-to-May uptrend line at $1.3352 may be revisited.
A rise above this week's high at $1.3593 and the $1.3602 August 2021 low would put the $1.03644 February 2022 high on the map, as well as the $1.3669 12 April 2021 low.
Gold price gives back some of its recent gains
The spot gold price's advance from its mid-May low at $3,121.00 per troy ounce seems to have stalled at Friday's $3,366.00 high with minor support around the 22 May low at $3,230.00 perhaps being retested. Below it minor support may be spotted between the 23-to-28 April lows at $3,269.00-to-$3,260.00 ahead of the 1 May low at $3,202.00.
Were the gold price to stabilise and then break through its April-to-May downtrend line at $3,350.00, last week's high at $3,366.00 would be back in the picture. Above it lies the 25 April high at $3,370.00, a rise above which would likely engage the early May peak at $3,435.00.
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