Looking at gold from an hourly perspective, it has declined from the high of 5236, with a low touch at 4966, currently oscillating weakly around 4993. The three moving averages are in bearish alignment, clearly in a downtrend. Although there is a need for a small rebound after short-term oversold conditions, overall bearish momentum remains dominant.

For short-term trading, prioritize a rebound shorting strategy: If price rebounds to the 5015-5025 zone and faces resistance, you can cautiously enter light short positions with a stop loss above 5045, targeting 4980 first, and if broken can continue targeting the previous low of 4966. If price shows a clear stop-drop signal in the 4970-4980 zone, you can cautiously attempt a short-term rebound, placing a stop loss below 4960, targeting the 5000 round number first.

Strictly control stop losses during operations to avoid the risk of averaging down.