The WIG20 Index is heading towards important level of 2500:
After triange breakout, the wide market is now in channel, which we can see on 30-min intraday chart (thanks to Stooq). The RSI seems to confirm the downtrend:
We are at the channel lower line, therefore I will expect a small rise tomorrow. The market is clearly in short-term downtrend now and we are not taking any position there.
Gold. 79th atomic number in Periodic Table, symbol Au (Latin aurum). Nice shining yellow metal with interesting physical properties. In the past, gold was the reason for many wars, betrayals, killings and breakups. One of the best-known gold rushes was that of the Klondike Gold Rush in 1897–99 with largest mobilization of goldseekers in history. Gold is also symbol of richest. Every lady needs a gold jewelry (or at least she thinks she needs). Aside from jewelry, the gold has its use in industry (electronics, dentistry, medical, glassmaking, etc.) and, of course, in financial system.
Gold is also referred as good investment tool for bad times. The gold uptrend started in 2001 (does it sound familiar to the year 2001 from this post?), let's see the big picture on chart then (thanks to ChartStation from NetDania):
It seems we are getting closer to 38.2% Fibo retracement level (ca.750 USD) and also to uptrend line (since half of 2005) - that could be next stop. Nevertheless, in the last couple of weeks gold lost about 20% of value and that's pretty much. Obviously, it's no longer higher-high, higher-low pattern and we can also see small support break on RSI oscillator (it was between ca.90-34 for 8 years). Therefore I will say that getting in Gold at this level is risky.
Sources:
[http://www.dwagrosze.blogspot.com (polish)]
[http://en.wikipedia.org/wiki/Gold]
[http://goldandsilverstars.blogspot.com/2007/10/goodness-from-bad-times.html]
[http://geology.com/minerals/gold/uses-of-gold.shtml]
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