Gold exhibits a pattern of initial suppression followed by upward oscillation. Prices tested the key support at 4966 before stabilizing and rebounding. Currently, they are consolidating within a narrow range around 5020. Bulls and bears are repeatedly fighting in the 5010–5030 zone, with bears still leading the trend, but the downward momentum has slowed; bulls are making minor resistance based on support, resulting in an overall weak rebound and a continuation of the downtrend.

On the 4-hour chart, the price is trading within the lower to middle section of the Bollinger Bands, with the upper band continuously turning downward, and the middle band weakening in tandem. The medium-term bearish trend is clear. This rebound has encountered resistance at the middle band and retreated without a successful breakout, indicating that the bullish momentum is weak. All auxiliary indicators remain below the zero line. The current movement is merely a technical correction within the downtrend, not a trend reversal signal, and the rebound space is limited. Overall, the trend remains bearish. Trading should focus on shorting at higher levels, with buying on dips as a supplementary strategy.

Gold
Short: 5035–5050, scale into shorts, target 5000–4970
Long: 4950–4970, establish small longs on stabilization, watch around 5035