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3 May 2013

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

FXstreet.com (Barcelona) - 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.

Silver testing 24.00 resistance
The price of silver has once again stubbornly clung to the 24.00 barrier, which lends testament to the short-term stability of the white metal. Having continually moved above this region over the past few days, silver has failed to stabilize and secure any gains in excess of this level, and once again is testing the 24.00 level during European trading Friday. Ultimately, a break higher could push the price higher towards 25.00 area.

WTI survives bearish pressure
WTI crude oil failed to maintain the bearish direction, subsequently rebounding sharply in a choppy trade. The commodity is presently fluctuating around its 200-day SMA and the main ascending trend line, and in these moments is negotiating a price of USD $93.73/bbl.
May 3, 2013

Forex: GBP/USD flat ahead of UK Services PMI

The GBP/USD is trading flat on the day, around 1.5534, ahead of the publication of UK Services PMI that is expected to stay unchanged in April, at 52.4.
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May 3, 2013

Forex: EUR/NOK little changed after Norway data

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...
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