GOLD RECOUPS YESTERDAY'S LOSS ON FEARS OF SECOND WAVE OF COVID -19 : 19 JUNE |FOREX RECOMMENDATIONS

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The bullion recoups its previous session losses as it attracts safe-haven bids on Friday amid fears of second wave of coronavirus. Across the globe, countries are witnessing a rise in the number of cases.

China reported 25 more cases linked to the Xinfadi market which has brought the total to 200 only from this meat market. Parts of U.S have seen rise in the number of hospitalizations in the past week.

California, Texas and Florida reported more than 3000 cases each on Thursday.

Meanwhile, Germany reported 400 new cases from a slaughter house in North Germany, which raises fear among the investors

Talking about the previous session, initially, gold touched its three days high at 1737.73 on the back of fears of the second wave of COVID-19. However, later in the American session, the bullion turned negative on broad based strength of USD. The U.S released cheerful Philly Fed Manufacturing Index and CB Leading Index data that overshadowed the dismal Unemployment Claims data.

As a result, XAUUSD settled the day in the red territory at 1721.70 with a 0.24% loss.

On the data front, investors will monitor the speech from U.S Fed Chairman Jerome Powell scheduled later in the day for short term trading impetus.

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