From the one-hour chart perspective, gold has fallen from the 5236 high, with the lowest touch at 4966, and is currently consolidating weakly around 4993. The three moving averages are in a bearish alignment, clearly indicating an ongoing downtrend. Although there is a slight rebound demand after short-term oversold conditions, the overall bearish momentum still dominates.

For short-term trading, prioritize a rebound short-selling approach: if the price rebounds to the 5015-5025 zone and encounters resistance, consider entering a short position with a small size, setting the stop loss above 5045, and initially targeting 4980. If the price breaks below this level, it could continue down to the previous low of 4966. If there are clear signs of a halt in the decline within the 4970-4980 zone, cautiously attempt a short-term rebound trade, placing the stop loss below 4960, with the initial target at the 5000 level.

Trading must strictly control stop losses to avoid the risk of holding against the trend.