Cardiff should have drawn level in the fourth minute of added time but John Ruddy saved Gary Madine's penalty and then two minutes later, after another spot kick was awarded, Junior Hoilett hit the bar.
While Wolves are now 14 points ahead of third-placed Fulham, Cardiff have just a five point gap from the London club who are at Sheffield Wednesday on Saturday.
(Reporting by Simon Evans, editing by Pritha Sarkar)
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