Goldcorp (GG) has been an interesting stock to watch throughout the year 2016. In the beginning of the year, and throughout the first half, the stock has soared. However, more recently, Goldcorp has been met with resistance. Now, it looks like we're going to see another volatility filled week, creating opportunities for binary options traders. Today, we'll talk about why we've seen what we've seen from Goldcorp so far this year, why I'm expecting the coming week to bring incredible opportunities for binary options traders, and what traders should be watching out for.

What's Causing The Wild Ride On Goldcorp So Far This Year

Goldcorp, as its name would suggest, is a company that is heavily focused on gold. Ultimately, the company mines and sells the metal. So naturally, the company is dependent on the performance of gold in the market. With that said, the year 2016 has been an interesting one for gold, which ultimately has created the movement we've seen in Goldcorp.

In the beginning of the year, the floor seemed to fall out of the Chinese market. The incredible declines led to global economic concerns and market declines. As a result, safe haven investors looked to gold as a way to keep their money safe. The strong safe haven demand led to 6 months of gains in the commodity, and ultimately in Goldcorp stock as economic pressures out of China, Europe, the UK, Japan, and other regions shook the market.

However, In July, things started to turn around. Economic conditions in the United States, China, and Japan started to stabilize. Soon, the Bank of England unleashed a massive stimulus package, leading to less fear associated with the Brexit. Soon, investors started to expect that the federal reserve would increase its interest rate in the month of September in light of the positive news. All of this led to declines in safe haven demand, ultimately causing gold to fall in value. Unfortunately, Goldcorp has followed in the recent downward movement.