Huatai Futures: The recent gold price may be mainly in a strong fluctuating pattern.

In terms of interest rates, the Federal Reserve maintained the benchmark interest rate at 3.50%-3.75%, pausing after three consecutive rate cuts of 25 basis points, in line with market expectations. Federal Reserve chair nominee Wall supports a 25 basis point rate cut, consistent with the stance of Trump's "puppet" board member Milan. The Federal Reserve stated in its announcement that there are preliminary signs of stabilization in the unemployment rate, inflation remains relatively high, and there is still high uncertainty about the economic outlook. Federal Reserve Chair Powell stated in a news conference that raising interest rates is not a basic assumption for any person's next steps, does not believe that the Federal Reserve will lose its independence, and will recommend the next Federal Reserve chair to stay away from politics. Geopolitically, US President Trump has once again threatened Iran, stating that the next strike against Iran will be more severe. Trump stated that a large fleet is on its way to Iran, prepared to quickly fulfill its mission. In response to Trump's threats, Iranian Foreign Minister Zarif stated that Iran's armed forces are highly alert and will respond quickly and decisively to any aggression. Currently, there is some risk sentiment in the market, coupled with Powell's dovish remarks, leading to continued strong demand for gold investment, so it is expected that the price of gold will remain in a range-bound strong pattern in the near term; the logic for silver is similar to that of gold at the moment, and its price is expected to also maintain a range-bound strong pattern.