01/04/2013 (Borneo Post) - Last week, it was a short week in US financial markets due to Good Friday. The American economy has been on recovery track while gaining 0.4 per cent growth in the fourth quarter (4Q), following 3.1 per cent in previous three months ended September 2012.

The Cyprus bailout had been resolved with rescue package of 10 billion euros agreed through European Union and European Central Bank (ECB). Cypriot government finally bowed to creditors for shutting down the second largest bank and raised five billion euros through imposing a new tax levy on depositors.

Gold prices fluctuated last week though the uncertainty of Cyprus situation. Market topped 1,613 regions initially upon US steady economic data but dropped towards weekend due to stronger dollar value.

The yellow metal closed at 1,596 levels in light trading on mid-Friday due to New York bank holiday. This week, we reckoned the market would be resisted at 1,600 to 1,605 areas while draw down was more possible if flight continued to move back into US Treasury assets. Downside target aimd at 1,560 regions.

WTI Crude prices have been behaving strong despite USDX stays afloat 82.70 levels. The market was seen with rising support at 94.50 areas now and might climb higher in coming week.

Opec crude production slipped to a 16-month low in March as output from Nigeria dropped to the least in more than three years, both causing rise in Crude prices. This week, we reckoned the bull might continue to climb and re-test 98.20 highs. Ultimate height might see 100 benchmarks with no surprise if the market bulls rage in from better outlook in US economy.

Crude Palm Oil Futures (FCPO) on Bursa Derivatives traded in weak demands amid downtrend last week. The weak export data and uncertainties in euro crisis with Cyprus attributed the decline in FCPO.

June contract closed at 2,378 while drawing down to the previous support at 2,350 levels. This week, we forecasted the market still within the tight range from 2,350 to 2,505. Abandon your long-view if the trend breaks below 2,350 supports.

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.