FTSE 100 looks bid while GBP/USD, gold price recover
FTSE 100 looks bid while GBP/USD, gold price recover amid renewed US tariff threats.
FTSE 100 sideways trades with bullish bias
The FTSE 100's rise from its late June 8,695 low has been followed by a rise to last week's 8,839 high. This was revisited on Monday before the FTSE 100 sold off to 8,761, a level it is bouncing back from on Tuesday.
A rise above Monday's and last week's highs at 8,837 would likely engage the 19 June high at 8,867, ahead of the June peak at 8,902 and the March all-time high at 8,909. Still further up lies the psychological 9,000 region which represents another potential upside target.
Were a fall through Monday's low at 8,761 to occur, though, the 1 July low at 8,728 and the 55-day simple moving average (SMA) at 8,709 may be revisited.
While the 26 June low at 8,695 underpins, the medium-term uptrend remains intact.
GBP/USD hovers around support
GBP/USD's advance to its $1.3789 high, a level last seen since October 2021, has been followed by a swift sell-off to last week's $1.3563 low above which it has been hovering since.
While Monday's and last week's lows at $1.3576-to-$1.3563 underpin, a recovery to Friday's high at $1.3681 may be at hand. If bettered, the $1.3800 region may be back in sight.
Immediate upside pressure should be maintained while last week's low at $1.3563 holds. If not, the April-to-July support line at $1.3503 may be revisited.
Gold price bounces off support
The spot gold price's recovery from its late June $3,244.42 low has been followed by another up leg to last week's $3,365.92 high before it dipped to Monday's $3,296.28 low before regaining lost ground.
While Monday's low at $3,296.28 holds, a rise above Friday's $3,345.17 high is on the cards. If overcome, last week's high at $3,369.92 would be back in the picture.
If overcome, the 23 June high at $3,393.64 would be back in focus, together with the 5 June peak at $3,403.62.
Potential slips may find support between the 55-day simple moving average (SMA) at $3,322.10 and the 3 July low at $3,311.63.
Failure at Monday's $3,296.28 low would put the December-to-July uptrend line at $3,274.57 back on the map.
Further potential support sits between the 29 May and 30 June lows at $3,245.56-to-$3,244.42.
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