Gold & FTSE100 Daily Outlook

Gold eyes 100-DMA support

Daily chart

• Gold’s failure to take out 5-DMA level of $1196 in Asia despite Trump’s immigration shock adds credence to the last week’s double top breakdown. The metal is more likely to test 50-DMA level seen around $1172 this week.
• As for today, Friday’s low of $1180 could offer support.
• On the higher side, resistance at $1196-$1200 is likely to hold today.

FTSE 100 – Bulls need to defend support at 7130

Daily chart

• Repeated failure around 7200 over the last week followed by a daily close below 7130 levels today would establish a falling tops formation and signal the continuation of the retreat from the record high of 7354 (January 16 high).
• That would open up downside towards 7060-7040 levels.
• On the higher side, only a daily close above 7200 would revive bullishness.