Binary gold continues trading in consolidation. The zone for trading is about $70. It enables the binary traders to place more bets and to be profitable. The recent market turmoil and uncertainty about the growth of the world economy urge the binary traders to be cautious and not to take huge positions on the market.
Binary options on gold faced a violent sell-off following the global tendency of fear and reluctance to take risks. The binary commodity has been almost stalled before the downside pressure printing on the screen. The volatility has been very low for the last 10 days comprising a zone of just $15. The upside march of the binary options was difficult and the willingness of the binary traders to continue bidding the underlying instrument decreased significantly.
Once the binary gold broke below the 5 and 9 EMA, the move became steeper as though the binary traders were awaiting it. Currently, the binary options are traded around a significant support at $1560. It seems like the consolidation will continue existing longer.
Useful strategy is to buy binary “call” options targeting $1577, followed by $1583.
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.