10/12/2012 (Borneo Post) - The US payroll released on Friday indicated 146,000 gain in November and jobless rate at four-year record low 7.7 per cent. Oil fluctuates as dollar rose last week while remaining strong above 80.00 levels. Gold was weakening due to lesser import from China until it bounced up on Friday from better US figures. Eurozone debt remains worrisome and cut demand for commodity prices.

WTI Crude prices came off from 90.00 regions as we forecast in previous report. The market plunged one-way down to below 86.00 on Friday as sellers engulfed the market. This week, we foresee resistance will lie at 87.00 areas while it might test the 84.00 lows due to panic liquidation.

Only if the market pierces above 87.50 resistances would see a reversal trend if buyers are keen to establish long trades.

Gold prices have formed triple support at 1,684 areas which signifies strong buying interest.

This week, we forecast the trend will be prone to bullish and move in the range from 1,693 to 1,720 regions. Traders are advised to pick long entry in early coming week with controlled risk.

The market should climb higher if the base could remain unchallenged at 1,690 levels.

Crude Palm Oil Futures (FCPO) on Bursa Derivatives traded in weak sentiment and closed on low side on Friday. The bearish outlook was mainly due to the ebbing demand for edible oil and pulled down by soybean oil. The February delivery contract closed at 2,296 with approximately less than 35,000 contracts.

This week, we forecast the market range will remain inside from 2,240 and 2,400 regions with prone to bullish trend from bottom.

Disclaimer: This report is written for general information only. No liability by the writers, publisher or any third party involved in the distribution of this work. Dar Wong and Chong HC are the market strategists in APSRI on CPO markets. Wong has 22 years of trading and hedging experiences while HC traded for four years and now coaches institutional customers. They can be reached at www.traderpromaster.com.