On Thursday (September 17), spot gold rebounded sharply earlier in the day during the US session and is currently holding near its intraday high, as the dollar gave back some of the gains following the Fed's decision. A cooling of crude oil rally also pushed US Treasury yields back from recent highs, providing additional support for precious metals. However, the possibility of further rate hikes by the Fed remains, limiting upside potential for gold prices. Spot gold traded around $4370 during the session, up 2.50% on the day. The dollar index (DXY), which measures the dollar against a basket of six major currencies, retreated from 100.37 (its highest level since July 31) and is currently trading around 100.15. Meanwhile, the benchmark 10-year Treasury yield remained near 4.94%, down from 5.04% earlier this week, its highest level since 2007. West Texas Intermediate (WTI) crude oil fell nearly 2% to around $95.50. Following last week's drone attacks, Saudi Arabia is diverting crude oil exports via Oman and repairing damaged East-West pipelines. The US Federal Reserve implemented its first interest rate hike since 2023 on Wednesday, with all voting members unanimously agreeing to raise the target range for the federal funds rate by 25 basis points to 3.75%-4.00%. Following the decision, the dollar and Treasury yields rose, while gold gave back its intraday gains. Traders digested the latest interest rate expectations and comments from Federal Reserve Chairman Kevin Warsh, increasing selling pressure and pushing spot gold down to $4,235, its lowest level since August 7. The updated dot plot showed that 16 of the 18 Fed policymakers expect at least another 25 basis point rate hikes by the end of the year; the median rate forecast points to a policy rate of 4.1%. Warsh also released hawkish signals, stating that inflation remains too high and that this rate hike is a withdrawal of "some easing," with current financial conditions showing little tightening effect. He added that the majority of committee members share this view, meaning the Fed may be prepared to raise rates again in the coming months. Therefore, selling pressure on the dollar may be limited, suppressing the upside potential for gold. Gold is a non-interest-bearing asset, and higher interest rates typically increase the attractiveness of interest-bearing assets, thus suppressing gold prices. Previously released US weekly labor market data also provided some support for the dollar. US initial jobless claims came in at 196,000, lower than the expected 208,000 and the previous week's 206,000. The situation in the Middle East continues to draw market attention. US President Trump told reporters that the US is "on track" to ending the war with Iran, and claimed that Tehran wants an agreement. However, regional tensions remain high, with Saudi Arabia and the Iranian-backed Houthi rebels continuing their mutual attacks. Technical Analysis: Spot gold encountered resistance near the 100-day moving average. (Spot Gold Daily Chart Source: FX678) On the daily chart, spot gold is currently oscillating around key moving averages, showing consolidation characteristics in the short term. As seen in the chart, the recent high for gold was around 4696.55, followed by a pullback to around 4436.11, and a low around 4235.10. The current price is around 4436.11, slightly higher than the moving average reference levels marked on the chart. Specifically, the 50-day moving average is around 4284, the 100-day moving average is around 4323, and the 200-day moving average is around 4540. This means that after the previous rebound, the gold price is currently trading within a medium-term range, above the 50-day and 100-day moving averages but below the 200-day moving average. Initial resistance can be seen in the 4436-4447 area, with further resistance at the 200-day moving average around 4540. If the price continues to rise, stronger resistance can be seen at the previous high of 4686.55 and the psychological level around 4700. Initial support is at the 50-day moving average around 4284, with stronger support around 4235.10. A break below this level would target support at 4150 and the psychological level of 4000. In terms of indicators, the RSI is currently around 50.12, close to neutral, indicating a relatively balanced short-term momentum. While the MACD is still in negative territory, the histogram has narrowed, showing weakening downward pressure, but a clear bullish reversal signal has not yet formed. Overall, gold is likely to consolidate within the 4235-4447 range in the short term. If the price can hold above 4436 and break through 4447, the short-term rebound momentum is expected to continue; conversely, if it falls back below 4284, it may retest the low near 4235.