On Wednesday (September 23), during the early US trading session, international spot gold and silver prices fell sharply, offsetting the gains from the latest round of declines in oil prices, pressured by a stronger dollar, persistently high US Treasury yields, and the market repricing expectations of Federal Reserve tightening. Spot gold traded around $4,290.26 per ounce, down 1.57% on the day; spot silver was quoted at approximately $64.687 per ounce, down 3.53% on the day. The US dollar index climbed to its highest level in about two months. The market views the Fed's September rate hike as part of a new tightening cycle, rather than a one-off policy adjustment, thus supporting the dollar. In early US trading, the dollar index approached 101.02, while the 10-year US Treasury yield remained around 5.0%. The market will focus on several economic data releases: the preliminary September US Manufacturing PMI at 9:45 AM ET; initial jobless claims at 8:30 AM ET on Thursday; and August durable goods orders and the final September consumer confidence data at 8:30 AM and 10:00 AM ET on Friday, respectively. Stronger economic data, or higher inflation-related sub-indices, will reinforce the market trading logic of "high interest rates for longer," continuing to pressure gold prices through real interest rates and the dollar. Conversely, weaker-than-expected data could create a clear stabilization opportunity for precious metals, helping gold prices hold above $4300. The geopolitical risk premium from the Strait of Hormuz has somewhat subsided, but has not completely disappeared. Saudi Arabia restarted its East-West oil pipeline, coupled with market anticipation of potential diplomatic negotiations between the US and Iran during the UN General Assembly. Brent crude was around $101.14 per barrel in early trading, while West Texas Intermediate (WTI) crude was at $91.73 per barrel; both benchmarks had previously declined for five consecutive trading days, reaching two-week lows, and are currently showing a slight increase. The decline in oil prices has weakened the short-term inflationary momentum that previously supported gold prices amid geopolitical conflicts, but the unresolved tensions between the US and Iran continue to drive geopolitical safe-haven buying in precious metals, while energy price risks remain a factor in the Federal Reserve's policy decisions. Global stock markets were generally strong, but market sentiment remained cautious. Asian stocks recorded their sixth consecutive day of gains, with continued demand in the artificial intelligence sector boosting technology stocks. The Japanese market was closed for a holiday. European stocks rose slightly, driven by improved market risk sentiment due to lower oil prices and investors digesting Eurozone PMI data. US stock index futures were stable before the opening, with Dow Jones futures down 110 points and S&P 500 futures down 21 points during the session. Gold Technical Analysis (Spot Gold Daily Chart Source: FX678) The next upside target for spot gold bulls is to push the price back into the $4334.00-$4370.00 resistance zone. A decisive break above this level would target $4398.00, followed by $4405.00. The short-term downside target for bears is a break below the $4291.00 support level, with further downside targets at $4260.00 and then $4230.00. First resistance is $4334.00, followed by $4370.00; first support is $4291.00, followed by $4260.00. Silver Technical Analysis (Spot silver daily chart source: FX678) The next upside target for spot silver bulls is to push the price above $65.720-$67.390; a break above this range would target $68.340, followed by $69.660. The short-term downside target for bears is a break below $64.530, with further downside targets at $62.540 and $61.000. First resistance is at $65.720, followed by $67.390; first support is at $64.530, followed by $62.540.