Big Binary Options Moves Coming Up on Gold (XAU/USD)

The bigger picture for Binary Options in Gold (XAU/USD) appears to stay Bearish, with revised short-to-medium term targets in the $1060 price area.

Gold (XAU/USD) is currently in a Major Wave C of a bigger Cycle Wave II correction of the Bull Market since 2007.

On the short to medium term, Gold appears to have completed Minor Wave 2 of Major Wave 3 of the above Cycle Wave C, with Wave 2 finishing at the 61.8% retracement level, albeit very quickly.

What does this mean for Binary Options traders eyeing Gold (XAU/USD) in the coming days?

Since Minor Wave C has completed in a very short span of time, it’s possible we may see a bullish continuation of this correction to $1,310, confirmed by movement above $1285.

If price continues lower below $1215, we are likely to see a further impulsive decline towards short-to-medium term targets of around the $1060 area.

Scenario #1 – High or Call Binary Options have a higher probability of success on the Daily Timeframe (ending at 20-21:00 GMT), entry prices being carefully considered on the 4-Hour timeframe before execution, if price continues bullish beyond $1,285.

Scenario #2 –  Low or Put Binary Options have a higher probability of success on the Daily Timeframe (ending at 20-21:00 GMT), entry prices being carefully considered on the 4-Hour timeframe before execution, if price continues bearish beyond $1,215.

The chart below illustrates Gold’s current decline.

Click The Binary Options Elliott Wave Chart Below To Expand:

XAUUSD - Primary Analysis - Feb-06 1409 PM (1 day)

XAUUSD – Primary Analysis – Feb-06 1409 PM (1 day)

 

 

 

 

 

 

 

Should Gold (XAU/USD) start to decline, it will be a very powerful decline – Binary Options traders will stand to make better decisions when pursuing the price in this current downtrend.

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