Nima Azadi's  Instablog

Nima Azadi
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Nima Azadi has been engaging in financial markets for over 10 years. His experiences vary from investing and trading in the Tehran Stock Exchange (TSE) and Foreign Exchange Markets to mentoring and consulting on the technical aspects of financial analysis. He is frequently quoted in the Iranian... More
My book:
Duel with the Trend
  • Gold Technical Outlook - 2 0 comments
    Sep 12, 2013 10:33 AM | about stocks: GLD

    In our previous analysis, we favored a bullish scenario for the precious metal. But against our expectations, bulls were not able to resist the selling pressure and Gold broke its long ascending channel to the downside.

    Thus, our trading strategy for Gold has changed from hold to a definite sell mode.

    We expect the $1356 level to act as a resistance against counter trend rallies and our first target for the decline is the $1290 level.

    (click to enlarge)

    Disclosure: I am short GLD.

    Stocks: GLD
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