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.