Binary options on Gold fell some 0.44% on Tuesday’s trading session with a closing underlying asset prices at 1’618.00. Binary traders have traded in sideway during last session as binary traders awaited the outcome of policy decisions by the Federal Reserve and the European Central Bank, which could have major implications for gold prices.
After reaching the Bollinger line support during the beginning of July at 1’554.78, binary traders have been buying mainly binary “call” options on the metal and pushed prices over the 61.8% Fibonacci retracement who is acting as the major resistance. For the time being Gold prices have some difficulties to go further on the upside direction and with all indicators who are situated in the overbought territory, binary traders could eyes for a test of the first minor support situated at 1’604.53. A break of those levels could accelerate the pull back to the Bollinger line support at 1’592.32 for an objective to test le lower line of the channel at 1’578.70. On the upside view any break and close above the 61.8% Fibonacci retracement at 1625.60 could accelerate the rebound over the 50% Fibonacci retracement at 1’655.00 region.
The information in the above 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.