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Forex: EUR/NOK little changed after Norway data

FXstreet.com (Barcelona) - The Norwegian krone remained around 7.59 and 7.60 after the unemployment rate in the Scandinavian economy ticked lower to 2.6% during April vs. March’s 2.7% despite the increase by 84.18K from 83.02 in the registered unemployment.

Interesting week ahead for the NOK, as the Norges Bank will hold its monetary policy meeting on Wednesday, although market participants remain sceptics regarding a rate cut.

At the moment, the cross is up 0.19% at 7.5946 with the next resistance at 7.7025 (high Apr.24) ahead of 7.7150 (high Jan.18) and finally 7.7209 (high Jan.13).
On the downside, a break below 7.5855 (low Apr.30) would aim for 7.5702 (50% of 7.4380-7.7024) and then 7.5695 (MA100w).

Commodities Brief – Precious metals edge higher ahead of Nonfarm Payrolls in US, crude trading at 200-day SMA

The price of gold continued its recovery back higher as this week caps another solid rebound off of April’s commodity catastrophe. Indeed, the yellow metal rebounded towards the 1478.00 resistance Friday, moving back into positive territory yet again. In particular, this area – i.e. the 1478.00-1520.00 levels – could provide a good medium-term sell, however patience in identifying a downside reversal through signs of weakness could prove to be a more effective strategy. Ahead of the Nonfarm Payroll data in the United States later today, the price of gold is now trading at USD $1476.32 per oz.
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