FTSE 100 Index Drifts Lower As Gold Stocks Rise. The FTSE 100 index drifted lower on Thursday as investors weighted up fresh economic and corporate numbers.
Gold Stocks Rise:
After a brief recovery, the index finished 0.6% down at 7388 with gold miners -an investors favourite in uncertain times -the big risers. Cautious Minutes from the US Federal Reserve, plus mixed signals from UK retail figures unnerved investors. Hence the index slowly Drifted to the lows of the day .
FTSE 100 Index Technical Analysis:
Stronger UK retail sales in July – driven by food – were overshadowed by weak growth figures from Kingfisher, which owns DIY chain B&Q. Kingfisher shares were the FTSE 100 Indices worst performer down by more than 4%. Gold firms Fresnillo and Randgold were up 4% and 2% respectively.
The FTSE 100 INDEX open was clouded by the Fed’s concern about the lower Inflation. Hence the FTSE 100 index opened the day at 7433 with flat note. And Slowly drifted to the lows of the day .So The support for the FTSE 100 index is placed at 7380 if it is broken more fall will be there . However major support is placed at 7197. If the support holds expect the FTSE 100 index bounce back to the levels of 7433. As of now no clear trend visible.