Guangda Futures: Wash's debut favors the hawks, short-term gold may fluctuate at low levels.

The Fed's shoes have dropped, and overnight London spot precious metals quickly rose and then fell back, with intraday declines exceeding 2% at one point. Powell's debut was more hawkish than expected, which from a results-oriented perspective is bearish for gold. However, pricing had already adjusted before this, so short-term bearishness may not be sustained. But looking at it from the perspective of interest rate hike expectations, the bearish impact may be more medium-term. In addition, with the signing of the US-Iran memorandum of understanding, market attention may shift to the issue of navigation in the Strait of Hormuz and oil prices, and then to predicting interest rate trends. Overall, gold may still be oscillating at lower levels.