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The bigger picture for Binary Options in Gold (XAU/USD) appears to be confirmed Bullish, with revised short-to-medium term targets in the $1435 – $1590 price area.
Gold (XAU/USD) is currently in a Minor Wave 3 of a bigger Cycle Wave 3 correction of the recent Bear Market.
On the short to medium term, Gold appears to have completed Minor Wave 2 of the above Cycle Wave 3, with Wave 2 finishing at the 100.0% retracement level of Minor Wave 1, with Wave C of Minor Wave 2 completing at exactly the 100% retracement of Minor Wave B — This is grounds for Major Wave 3 extending or atleast completing 161.8% of Major Wave 1 in the coming weeks and months.
What does this mean for Binary Options traders eyeing Gold (XAU/USD) in the coming days?
If price continues higher, we are likely to see a further impulsive long move towards short-to-medium term targets of around the $1435 area, followed by a short term bearish correction, before subsequent movement long again.
The chart below illustrates Gold’s current momentum.
Click The Binary Options Elliott Wave Chart Below To Expand:
Should Gold (XAU/USD) start to climb, it will be a very powerful climb – Binary Options traders will stand to make better decisions when pursuing the price in this current uptrend.
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