China announced it ‘will work to restore normality’ in Shanghai from June the 1and the news should have buoyed global sentiment, however, disappointing industrial production data for April soured the mood. Industrial production declined by -2.9% compared to April last year, drastically missing the forecast figure of a 0.4% increase.When equity markets fall, money managers may decide to cash in other fairly liquid instruments, like gold, to fund losses in the stock market.
The zone of support with a mid-point of 1760 appears as the next significant level of support with a breach of that zone opening the door to 1723 level.
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