15.06.2020 Gold Daily Analysis

15.06.2020 Gold Daily Analysis

Gold started the week with a dive in the Asia market, after experiencing some gains at the early hours of the day. This is due to investor fear of a second wave of the coronavirus cases. Beijing published a surge of 57 new cases on June 13 after a single digit. Tokyo also reported 27 new cases/ Gold futures were down by 0.6% at $1,726.25/oz on the day. Investor sentiment was further dampened by the unsatisfactory data arising from China. The industrial and retail sales data for May did not go as predicted, with industrial production increasing 4.4% year on year and the retail sales decreasing by 2.8% year on year and disappointed expectancy of recovery signs in the country. Elsewhere, the USD Federal reserve is extensively expected to maintain its pessimistic view of the US market as US market Chair Jerome Powell set to deliver his policy report to Congress last in the week.