Early this morning, gold has staged a shock pattern of initial decline followed by a rise, with prices once dipping to the key support level of 4966 before stabilizing and rebounding. Currently consolidating in a narrow range near 5020. Bulls and bears are engaged in repeated battles in the 5000-5030 zone, with bears dominating the trend but the decline failing to extend effectively; bulls are mounting localized resistance based on support levels, with the chart displaying characteristics of "declining continuation + weak rebound."

From the 4-hour chart perspective, prices are overall trading between the lower and middle bands of the Bollinger Bands, with the upper band continuously turning downward and the middle band also weakening in sync, clearly pointing to a continuation of the mid-term bearish trend. This round of rebound only touched near the middle band before encountering resistance and pulling back, failing to form an effective upside breakout, highlighting the weakness of bullish counterattack strength. Meanwhile, auxiliary indicators are overall still running below the zero line, representing technical corrections during the decline rather than trend reversal signals, with rebound heights being relatively limited.

Holistically, the current trend is more suitable for adopting a strategy of selling on rallies:

**Operation Strategy**

Short on gold rebounds near 5030-5050, target 4980-4900$XAU

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