Morning gold prices showed a suppressed-then-rising oscillation rhythm, with prices dipping to the key support level of 4966 before stabilizing and rebounding. Currently consolidating in a narrow range around 5020. Bulls and bears are repeatedly engaging in the 5000-5030 zone, with bears controlling the trend dominantly, but the downside momentum has failed to extend effectively; bulls are mounting localized resistance based on support levels, with the chart displaying characteristics of "downtrend continuation + weak rebound."

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

Comprehensive analysis suggests that the current trend is more suitable for adopting a strategy of shorting on rebounds:

Trading Strategy

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

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