Yesterday, gold hovered around 4980, with the intraday low reaching 4978 before rebounding; both pullbacks and rebounds were captured! Currently, the market is repeatedly oscillating around the 5000 level, with increased divergence between bulls and bears and intensified short-term volatility.

The 4-hour bearish momentum has slowed somewhat, but the overall downward trend has not reversed; gold price continues to trade below the short-term moving average, while mid- to long-term moving averages remain diverging downward. The medium-term bias remains bearish, and the current price action only represents a weak technical correction.

On the hourly chart, the price stays within the lower band of the Bollinger Bands, with short-term moving averages turning downward, indicating clear resistance to rebounds; the MACD shows a death cross below the zero line, with the green histogram slightly expanding, confirming short-term bearish dominance.

Sell in batches on rebounds at 5020-5035, targeting a decline to 4960-4980. If support holds without breaking, consider reversing positions to buy.