Telegraph: Japanese send gold through the 'clouds' as it breaches 3,000 yen
Gold has roared to a fresh 28-year high of $760 an ounce on the fears of global currency disorder and a surge of buying by Japanese investors using exotic trading signals...The country's irrepressible grannies and housewives rely heavily on Ichimoku 'cloud charts', which have issued a powerful buy signal in recent days. John Reade, head of precious metals at UBS, said the Japanese can be a major driver of the gold price once they step in. "Japanese buying can come out of the blue, but it is too soon yet to tell whether they are about to take over the gold market. When the Japanese public move in with reckless abandon, everybody else gets out of the way. They can be the last to join the rally," he said...Ichimoku Kinko charts look impenetrable to westerners. Nicole Elliott, a technical analyst at Mizuho, said their unique features is to look both forwards and backwards. "The Japanese started charting rice futures in the 1700s.. They are streets ahead of us. I use Ichimoku charts all the time, and wouldn't be without them. You can't even begin to trade the dollar-yen otherwise," she said...more...
