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Gold Inching Toward Bull Trigger

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  • CEE currencies have been under pressure this month as traders take profit following strong momentum in April and May, adding downward pressure to equities.
  • In the EM market, cheaper currency has generally been associated with periods of equity weakness.
  • This chart shows the strong co-movement between WIG20 Index and USDPLN (inv.) in the past cycle.
  • With USDPLN breaking above 3.80 this morning, WIG20 Index has been consolidating towards its 2,000 support; next level to watch on the downside stands at 2,106 (50D SMA).