Gold and silver prices rose in early U.S. trading on Thursday (September 17). Declining crude oil prices and a slight pullback in U.S. Treasury yields fueled the rebound in precious metals prices. This followed the Federal Reserve's first interest rate hike in three years and signaled the possibility of further monetary tightening. Spot gold traded around $4,365.41 per ounce, up 2.37%, while spot silver traded around $65.420 per ounce, up 3.88%. Current market positioning is primarily influenced by Wednesday's Federal Reserve decision and market interpretations of subsequent policy directions. The Fed raised the target range for the federal funds rate by 25 basis points to 3.75%–4.00%. The updated dot plot of economic projections suggests that interest rates could rise further to around 4.1%. Fed Chairman Kevin Warsh stated that this rate hike decision stemmed from persistently high inflation, resilient domestic demand, and a labor market that had not yet weakened to the point where the Fed would pause rate hikes. Initial jobless claims in the US fell to 196,000, the lowest level since mid-July, confirming market sentiment that corporate layoffs remain rare. The 2-year Treasury yield fell to approximately 4.72%, while the 10-year Treasury yield fluctuated around 5.00%, and the US dollar index weakened slightly. For gold, current market signals are mixed: the rate hike path remains a bearish factor suppressing gold prices, but the decline in crude oil prices coupled with falling yields has led to a rebound triggered by short covering. The current rise in gold and silver prices is a tactical rebound and does not represent a trend reversal. From the latest technical charts, gold remains below the $4354 resistance level; only a closing price above $4403 will improve the technical picture. According to FXEmpire's latest analysis framework, although silver has rebounded above $64.40, it still needs to break through $65.28 to confirm a stronger rebound. The Federal Reserve under Warsh has clearly stated that policy will depend on economic data; therefore, the future performance of the precious metals sector is highly dependent on the next round of inflation and labor market data. The Strait of Hormuz remains a key geopolitical variable affecting crude oil, inflation expectations, and safe-haven buying. Market expectations of accelerated infrastructure repairs in the Gulf region, and Saudi Arabia's efforts to restore key pipeline capacity, have pushed oil prices down; however, shipping in the Strait of Hormuz remains restricted, and the Saudi pipeline disruption issue has not been fully resolved. Brent crude fell to around $103.48 per barrel, while US WTI crude traded around $100.65 per barrel. The gold market remains contradictory: lower oil prices will directly reduce inflationary pressures and help lower US Treasury yields; however, unresolved Gulf shipping risks continue to provide geopolitical safe-haven support for gold prices. Global stock markets generally strengthened before the US market opened. S&P 500 futures rose 0.8%, Dow Jones futures rose 0.7%, and Nasdaq futures rose 1.1%, as the market attempted to recover from the sell-off following Wednesday's Fed decision. European stocks also rose, led by bank and technology stocks; Asian stocks showed mixed performance. This rebound stemmed from lower oil prices and yields, but the Fed's hawkish guidance means that if crude oil or long-term US Treasury yields rise again, market risk appetite will quickly come under pressure. Key external markets: WTI crude oil prices on the New York Mercantile Exchange fell to around $100.65 per barrel; Brent crude oil was around $103.48 per barrel. The benchmark 10-year US Treasury yield traded around 5.00%, and the US dollar index weakened. Technical Analysis (Spot Gold Daily Chart Source: FX678) Spot gold bulls' next target: to re-establish a foothold above the $4354.00 resistance level; if this level is broken, the target is $4403.00, followed by $4433.00. Bears' short-term target: a break below $4283.00, further down to $4256.00, and then $4217.00. First resistance level: $4354.00; second resistance level: $4403.00; first support level: $4283.00; second support level: $4256.00. (Spot silver daily chart source: FX678) Spot silver bulls' next target: A firm hold above $65.28; a break above this level would target $65.98, then $66.74. Bears' targets: A break below $64.40, further down to $63.45, then $62.57. First resistance level: $65.28; second resistance level: $65.98; first support level: $64.40; second support level: $63.45.