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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.
The chart below illustrates Gold’s current decline.
Click The Binary Options Elliott Wave Chart Below To Expand:
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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