FTSE 100 hits record high while GBP/USD nears support and gold price recovers
FTSE 100 hits record high ahead of US CPI, while GBP/USD nears support and gold price recovers.
FTSE 100 trades at record highs
The FTSE 100's rise from its late June low of 8695 has been followed by an advance to Monday’s high of 9022, with further gains anticipated on Tuesday. The next upside target is the 9100 mark.
Potential slips may find support around the 10 July high at 8991, with more significant support between Monday’s low of 8919 and the mid-June high at 8902.
FTSE 100 daily chart
GBP/USD slips towards support
GBP/USD's decline from its $1.3789 early July high, a level last seen since October 2021, has so far taken it to its late May low at $1.3416. Together with the 23 June low at $1.3371 it may offer support.
If not, a medium-term top may be forming with the May low at $1.3140 being back in sight.
Minor resistance above the 55-day simple moving average (SMA) at $1.3479 may be spotted at the 8 July low at $1.3526.
GBP/USD daily chart
Gold price sidelined
The spot gold's recovery from its 9 July $3282,67 low has taken it to Monday's $3375.08 high before stalling. This level remains in view while Monday's low at $3341 holds.
Were this not to be the case, the 55-day SMA at $3323 may be revisited. Further down lies the December to July uptrend line at $3302.
A rise above this week's high at $3375.08 would put the 23 June high at $3393.64 on the map, together with the 5 June high at $3403.62.
Spot gold daily chart
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