​FTSE 100 close to record high as GBP/USD, gold price rallies run out of steam

​​​FTSE 100 trades near 3 1/2 month highs

​The FTSE 100 continues to grind higher and trades near 3 1/2 month highs, trying to reach its March all-time high at 8,909. A rise above Monday's high at 8,902 high would likely lead to a new all-time high being made and the psychological 9,000 mark being targeted.

​Minor support below Monday's 8,808 low is found around the 20 May high at 8,799 ahead of the 5 June low at 8,777. While this level underpins on a daily chart closing basis, upside pressure should be retained.

​GBP/USD advance stalls

​GBP/USD's ascent has run out of steam with the cross consolidating below last week's 3 1/3 year high at $1.3632. So far it remains above its April-to-June uptrend line at $1.3534, though.

​Together with the 13 June low at $1.3517 it may offer short-term support. Were this area to give way, however, the more significant support area between the late April highs and late May low at $1.3444-to-$1.3416 may be revisited.

​Above last week's $1.3632 high lies the February 2022 peak at $1.3640 which acts as resistance.

​Gold price short-term toppish

​The spot gold price's rise to Monday's $3,451.50 per troy ounce near 3-month high has been followed by a drop to Tuesday's $3,374.00 intraday low.

​Further downside pressure is expected to be seen with the May-to-June uptrend line at $3,353.00 likely to be tested. If slipped through, a deeper retracement towards the 9 June low at $3,293.50 may be on the cards.

​Provided that this level underpins on a daily chart closing basis, the medium-term uptrend is deemed to stay intact.

​Above this week's high at $3,451.50 lies the April all-time high at $3,500.​​00.

The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. The research does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence which requires our employees to act in our clients’ best interests and to disregard any conflicts of interests in providing our services. Furthermore, IG does not seek to disclose the relevant information to any issuer discussed prior to dissemination. The organisational and administrative controls mentioned herein are set out in our Conflicts Policy, a summary of which (our Summary Conflicts Policy) is available on our website.

This information has been prepared by IG, a trading name of IG Markets Ltd. Registered Office: Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA. IG Markets Ltd is a company registered in England and Wales under number 04008957. We are authorised and regulated by the Financial Conduct Authority (Register Number 195355).