Adding Gold to Your Binary Option Plays
Last Thursday I showed you how to use a range trade when playing binaries with currencies.
But… you can buy binary options on more than just currencies. In November we saw triple-digit success with binaries on the S&P 500.
Today I’d like to alert you to the exciting potential of another investment — GOLD!
Gold is reaching historic highs, giving us the ingredients for high-return binary plays. As you can see in the chart below, gold is touching its 50-day moving average and is therefore threatening a trend reversal. Further evidence of bullish sentiment having near-term trouble is the double top formed in November and December.
Of course, binaries work on a much shorter time frame. So does gold move enough to make it worth our while? Absolutely!
Last week, from Monday to Friday, gold showed a $45 range from $1,405 to $1,360.
Even more significant is what happened to the gold bullish sentiment during last week. It started on Monday with a 75% probability that gold would be above $1,384.5 by Friday at 1 p.m. As of Friday morning, it is a 10% probability.
This change in sentiment is exactly what I look for in trading weekly binaries… and they can generate over 100% returns!
Gold is attractive as a binary play because we can leg-into the trade on Monday, Tuesday, or even Wednesday.
Going into the new year, gold is going to be the binary market to keep an eye on. I expect you will be able to take a lot of profit from playing gold binaries.
Sincerely,
Abe Confas
Currency Trading Analyst for the Penny Sleuth
December 20, 2010
Adding Gold to Your Binary Option Plays was originally featured in the Penny Sleuth. Check out Wall Street’s 5 Most Profitable Penny Stock Patterns Report.
This story was originally featured on Penny Sleuth.
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