The result further damaged the hosts hopes of escaping relegation while Wolves secured their first victory since mid-February.
Spain winger Traore was sent clear down the right and his blistering effort from just inside the area beat Fulham goalkeeper Alphonse Areola at the near post for his first goal since December 2019.
Fulham could have climbed out of the bottom three on goal difference, at the expense of Newcastle United, with a win at Craven Cottage but barely created a clear-cut chance and slumped to a fourth-straight loss.
Scott Parker's Cottagers are third bottom with six games to play and have now wasted three chances to get out of the drop zone for the first time since December while Wolves are in 12th place.
