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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

FTSE 100 sidelined while GBP/USD, gold price rise amid tariff uncertainty

​​​FTSE 100 sidelined while GBP/USD, gold price rise amid risk off sentiment due to US tariff uncertainty following President Trump’s threat of doubling steel tariffs to 50% starting 4 June.

FTSE 100 Source: Adobe images

Written by

Axel Rudolph FSTA

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date:

​​​FTSE 100 trades in near 3-month highs 

​The FTSE 100 remains sidelined below its May high at 8,823 and last week's 8,695 low. Further low volatility range trading seems to be at hand. 

​A rise above last week's 8,823 high would likely engage the February peak at 8,835 and the March all-time high at 8,909. 

​A slip through Thursday's 8,695 low would eye the 6 May high at 8,684 ahead of the 23 May low at 8,602.   

​Immediate support can be spotted at Friday's 8,724 low. 

FTSE 100 chart Source: TradingView

​GBP/USD resumes its ascent 

GBP/USD's recent short-term consolidation phase may have ended at last week's $1.3416 low with the May peak at $1.3593 remaining in sight while this support level underpins. 

​Below it the April-to-May uptrend line at $1.3407 may offer potential support, together with the 6 May high at $1.3403

GBP/USD chart Source: TradingView

​Gold price heads back up again

The spot gold price has been range trading these past few days but is seen recovering from last week's low at $3,246.00 per troy ounce low towards its 23 May high at $3,366.00 which remains in focus while last week's low holds.

For a bullish reversal to be confirmed, the $3,246 high will need to be exceeded on a daily chart closing basis. In this case the early May peak at $3,435.00 would be next in line, followed by the April record high at $3,500.00.

A currently unexpected bearish reversal and fall through the $3,246.00 recent low may put the 55-day simple moving average (SMA) at $3,216.00 and the 1 May low at $3,202.00 back on the cards.

Only a fall through the $3,216.00-to-$3,202.00 support zone would put the early April high at $3,167.00 back on the map, ahead of the May low at $3,121.00. While it holds, the medium-term uptrend stays intact.​​

Spot gold chart Source: TradingView