Asian Morning Review: No bearish signals for gold currently, focus on 4350 for resistance!

Today (December 15), after the opening, gold prices quickly strengthened, breaking through last Friday’s resistance level of 4313. From the 1-hour chart, the MACD downward momentum is clearly converging, the momentum bars are continuously shrinking, and the RSI remains above the overbought/oversold line, with no clear bearish signals at the moment. The MA20 moving average at this level has moved above 4310, so short-term support can be focused on the 4310-4300 range. Resistance levels above continue to focus on 4350 and 4380.

On the news front, despite the Federal Reserve announcing a 25 basis point rate cut last week with a divided vote, it also emphasized that, given the ongoing uncertainty over inflation persistence and employment prospects, it may pause further rate cuts. This move may to some extent suppress gold’s upside potential for the year.