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.
Connect with us
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.
Professional clients trading spread bets and CFDs can lose more than they deposit.
Options and futures are complex instruments which come with a high risk of losing money rapidly due to leverage. They’re not suitable for most investors. Before you invest, you should consider whether you understand how options and futures work, the risks of trading these instruments and whether you can afford to lose more than your original investment.
Trading stocks and shares ‘on margin’ within a US options and futures account – meaning that you only finance part of the cost of acquiring a position in a security – carries additional risks over buying securities on a fully funded basis and may result in losses exceeding your original investment. Trading on margin will also result in additional costs to you as the investor and any securities purchased using margin may be held as collateral by the lender, restricting both your rights as shareholder, and your ability to use the securities until the margin trade is closed. You should familiarise yourself with these risks before trading on margin.
The value of shares, ETFs and other ETPs bought through a share dealing account, a US options and futures account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Some ETPs carry additional risks depending on how they’re structured, investors should ensure they familiarise themselves with the differences before investing.
Share dealing and IG Smart Portfolio accounts provided by IG Trading and Investments Ltd, CFD accounts and US options and futures accounts are provided by IG Markets Ltd, spread betting provided by IG Index Ltd.
IG is a trading name of IG Trading and Investments Ltd (a company registered in England and Wales under number 11628764), IG Markets Ltd (a company registered in England and Wales under number 04008957) and IG Index Ltd (a company registered in England and Wales under number 01190902). Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. IG Markets Ltd (Register number 195355), IG Trading and Investments Ltd (Register Number 944492) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority.
The information on this site isn’t directed at residents of the United States, Belgium or any particular country outside the UK and isn’t intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.