02/09/2013 (Borneo Post) - The US President Obama is persuading the United Nations (UN) to launch a strike against Syria for using chemical weapons.

Stock markets rose rapidly on global basis as crude prices rose to a record two-year high early last week. The US economy is facing mixed sentiments amid steady job recovery and weekly claims declined to 331,000 ended August 24.

Another report showed gross domestic product (GDP) growth for the second quarter (2Q) reached 2.5 per cent annualised gains.

Gold prices reached 1,433 highs before closing at 1,390 regions for the weekend.

Gold prices had increased due to panic buying early last week due to the warfare tension in Syria.

The market attained 13-week highs at 1,433 before sliding down for profit-taking towards weekend. Technically, we reckoned the trend may continue to drop down until 1,370 regions before bargain-hunting occurs.

Topside resistance will remain at 1,420 in case the war-tension resurges. If resistance goes above 1,420 levels, it is recommended to abandon short-term view.

WTI Crude prices reached two-year record at 112 regions last week before settling down at 108 levels for the weekend.

The market is trading in a neutral zone now as it waits for fundamental news in coming week.

A gradual draw down will lead the market back to 105 supports but any unexpected news may trigger new buying interest as it is hedged against war-inflation.

Technically, we still reckoned the trend will consolidate from 105 to 110 regions.

Crude Palm Oil Futures (FCPO) on Bursa Derivatives surged last week to 2,485 and saw profit-taking on Friday.

The market traded sideways from 2,396 to 2,485 throughout the weekdays and edged lower towards the weekend.

November contract closed at 2,410 and may continue bear trend in coming week.

Market is prone to slide further to 2,350 supports while immediate resistance lies at 2,450 regions.