10/09/2012 (Borneo Post) - Gold and Crude prices reversed into bullish sentiment on Friday after the weaker US payrolls stimulated more speculation for another round of Quantitative Easing by Federal Reserves.

The August non-farm payrolls reported only 96,000 jobs after the revised 141,000 figures for July.

The recent comments by FED chairman Bernanke in annual meeting held Jackson Hole – Wyoming reiterated the immediate concerns to relieve rising unemployment by injecting more stimuli if job numbers were to remain stagnant.

WTI Crude prices turned up on Friday but still traded in fatigue sentiment within the three-week highs below 98.30 levels.

The market closed at 96.20 for the weekend while sitting on strong EMA200 support at 93.90 levels.

This week, we expect some new buying interests in market and this will probably challenge the 98.30 resistances again to test 100.00 major benchmarks.

The announcement of China to build new roads on 2,018 kilometers will inject demands into this market.

Abandon your long-view if the trend violates beneath 93.90 supports.

Gold prices surged on Friday and reached 26-week highs while it closed at 1,735 areas.

The market carried very strong bullish sentiments that jumped above 1,725 resistances in just one session.

This week, we target the trend to ascend higher and may reach out for 1,775 areas before the bulls fi zzle out.

The support will emerge at 1,720 to 1,725 regions for bargain-hunting but short traders might be squeezed further if they do not control their risk factors.

Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed lower on weekly basis mainly due to the murky outlook of global economy.

Lower soybean oil also hurts the palm oil prices with lesser demands.

However, we reckon the coming week may see a reversal due to strong sentiments from Friday’s US market.

The November contract closed at 2,927 in hammer pattern.

This week, we foresee the market may test lower support at 2,850 before reversal up but a surge above 2,950 in early week could be initiating a new bullish engine to 3,050 areas.