Gold on track for biggest weekly decline in seven weeks

Gold trading range for the day is 28572-28894. Gold was little changed on Friday but poised for the biggest weekly fall in seven weeks as investors sought out riskier assets, dampening demand for gold, which pays no interest.
 
Gold on MCX settled down -0.33% at 28719 as investor appetite for riskier assets surged on renewed optimism over the U.S. economy and as political uncertainty in France receded, softening demand.
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Technically market is under long liquidation as market has witnessed drop in open interest by -2.37% to settled at 5733 while prices down -95 rupees, now Gold is getting support at 28645 and below same could see a test of 28572 level, And resistance is now likely to be seen at 28806, a move above could see prices testing 28894.

Nifty to open gap down at 9348, fall of 4 points

 Dynamic Levels’ Market Outlook:

Market to correct on tension between US & North Korea, Nifty hurdle at 9400

Indian Market Outlook: Yesterday, Nifty opened at 9336, made a life time high of 9367 and closed at 9352 after making a low of 9301. Today, nine F&O listed companies will announce its Q4 result – Biocon, Shriram Transport Finance, TVS Motor, Ujjivan Financial, Tata Elxsi, Reliance Capital, Kotak Mahindra Bank, Maruti Suzuki and Indiabulls Real Estate.

Bank Nifty also made an all time high of 22276 and closed at 22243, yesterday.

Small Cap Index witnessed some sort of profit booking last day. It opened at 7516 made an all time high of 7531, from there it made a low of 7327 and closed at 7388.

Nifty to open gap down by 4 points at 9348 against yesterdays close of 9344.25 as per SGX.

 

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Oil falls on bulging U.S. crude inventories, record global supplies

Commodity-TipsOil prices resumed their downward trend on Wednesday as data showed a rise in U.S. crude inventories and record supplies in the rest of the world cast doubt on OPEC’s ability to cut supplies and tighten the market.

U.S. West Texas Intermediate (WTI) crude oil futures  were trading at $49.32 per barrel at 0052 GMT, down 24 cents, or 0.5 percent from their last close, after gaining 0.7 percent in the previous session. WTI has fallen for seven of the past eight sessions.

Traders said that a report late on Tuesday by the American Petroleum Institute (API) that U.S. crude oil inventories rose by 897,000 barrels in the week to April 21 to 532.5 million barrels had weighed on WTI.

Brent crude futures <LCOc1>, the international benchmark for oil prices, were at $51.88 per barrel, down 22 cents, or 0.4 percent, from their last close. Brent is around 8.5 percent below its April peak.

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