Don't Ignore This Chart!

Gold Bounces off Ichimoku Cloud

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Spot Gold ($GOLD) declined sharply and then found support right at the Ichimoku Cloud with a bounce the last two days. The bulls grabbed the edge with the cloud breakout in January and hold the edge as long as cloud support holds. Watch for a move above the Conversion Line (blue) for a bullish signal.  You can read more on Ichimoku in our ChartSchool.

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Announcement from the Author

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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