On Thursday (August 13), international spot gold and silver prices weakened in early US trading. Although the overall US July Producer Price Index (PPI) was flat, core PPI inflation data showed a significant increase. Coupled with a strong US dollar and market anticipation of Friday's retail sales data, precious metals came under downward pressure. At the time of writing, spot gold was trading around $4364.18 per ounce, down 1.00% on the day; spot silver was quoted at $64.544 per ounce, down 1.16% on the day. Market sentiment is currently divided, with disagreements stemming from two main contradictions: a apparent cooling of inflation and persistently high stickiness in underlying prices. Wednesday's US Consumer Price Index (CPI) showed a 0.1% month-on-month increase and a 3.4% year-on-year increase in July; core CPI rose 0.2% month-on-month and 2.5% year-on-year. This morning's PPI data showed that final demand prices were flat month-on-month in July, but rose 4.7% year-on-year; however, excluding food, energy, and trade services, core PPI surged 0.4% month-on-month and remained high at 4.7% year-on-year. On the employment front, initial jobless claims in the US increased by 9,000 to 209,000; the four-week moving average remained stable at 199,000, showing no significant fluctuations. Following the release of these economic data, the market has been unable to glean a clear signal of a shift towards easing by the Federal Reserve: before the PPI release, the market was betting on a near 40% probability of a Fed rate hike in September; the yield on the 10-year US Treasury bond is still hovering around the 4.7% mark. This week's key data releases are still ongoing, with retail sales figures due at 8:30 AM ET on Friday. The geopolitical situation in the Strait of Hormuz continues to disrupt precious metals and energy markets. While US officials have stated that the strait is open and under US control, Middle Eastern authorities say shipping remains restricted, and Iran's conditions for a full reopening of the strait have not yet been met. Crude oil prices are dragged down by weak demand and declining inventory data, with West Texas Intermediate (WTI) crude oil at around $82 per barrel and Brent crude trading around $87.70; however, the continued risk of a strait blockade limits the downside for oil prices. This geopolitical situation has a two-way impact on gold: the risk of strait disruptions will boost safe-haven buying, benefiting gold; but if oil prices surge again, inflationary pressures will return, and the market will re-price the Fed's interest rate hike expectations, suppressing gold prices. Before the US stock market opened, global stock markets were mixed, with an overall upward bias. U.S. stock index futures rose slightly, with Dow Jones, S&P 500, and Nasdaq futures all up 0.1%. European stocks closed slightly higher, led by the technology and financial sectors; the UK FTSE 100 index was weak, mainly due to weakness in mining stocks. Asian markets were mixed, with South Korean and Japanese stocks closing higher, while Hong Kong, Singapore, and mainland China markets weakened to offset gains. Global commodity and currency markets: WTI crude oil fell to around $82 per barrel, and Brent crude oil was around $87.70; the dollar index remained sideways; the benchmark 10-year U.S. Treasury yield remained stable around 4.7%. Technical Analysis (Spot Gold Daily Chart Source: FX678) Bulls' primary short-term upside target: A firm hold above the $4448/oz resistance level; a successful break above this level would target $4575, with further downside towards $4666. Bears' short-term downside target: A break below the $4332 support level; if downward momentum is released, deeper support levels are seen at $4262 and $4205. Short-term first resistance level: $4448, second resistance level: $4575; Short-term first support level: $4332, second support level: $4262. Silver's short-term upside target: A recovery above the $66.43 resistance level; a firm hold above this level would target $71.43, with an ultimate target of $72.08. Bears' short-term downside target: A break below the $64.47 support level; further downside targets are $63.10 and $61.42. Short-term first resistance level: $66.43, second resistance level: $71.43; Short-term first support level: $64.47, second support level: $63.10.