02/12/2013 (Borneo Post) - The US equity market remained vibrant above 16,000 benchmarks while dollar weakened further against European currencies. Last week, gold recovered in a sideways trend but it is prone to bullish bias. Market investors should stay alert for decision on curbing stimulus by US Fed policymakers though no news has been announced yet. The weekly crude inventories continued to increase at three million barrels for the week ended November 23. However, market rebounded on Friday before the week due to short-covering from an almost six-month low.

Gold prices have bottomed out at 1,227 regions and could be making technical recovery in coming week. The trend seems to be supporting at 1,230 regions and we expect some bargain-hunting to arise if prices fall to this region again. Technically speaking, the yellow metal might be prone to rise further with European currencies. We reckon the targets will remain at R1 – 1,270 and R2 – 1,294 regions.

WTI Crude prices have been declining for past weeks. However, the market swung back up on Friday from 92 bottoms to almost 94 levels as traders took profit for the weekend. This week, we reckoned the bulls have to break 95.5 immediate resistances before it can skip higher at 98 benchmarks. However, breaking below 92 supports will probably go lower to test 90 levels.

Crude palm oil futures (FCPO) on Bursa Derivatives closed in mixed sentiment on weekly basis. Market has been fluctuating from uncertain production output. The February contract closed at 2,653 levels in contracting open interest. This week, we foresee the trend will be supported immediately at 2,600 levels while breaking above 2,700 is highly possible.

Ascension might reach 2,760 regions. Abandon your long-term view if the trend falls below 2,600 supports.