Gold surged to 5044 then experienced a sharp pullback, breaking below the key support of 4990, with a low of 4978. Currently, it is oscillating around 5000.

From a technical perspective, the gold price has fallen below the short-term moving averages, MACD shows increasing bearish momentum, and the KDJ is diverging downward. The short-term trend is somewhat bearish, but oversold signals have appeared. In terms of trading strategy, one can take a small short position on rebounds to the 5015-5020 zone with a stop loss at 5028 and targets at 4990-4980. Alternatively, after a retest and stabilization around 4980-4985, a small long position can be taken to chase rebounds with a stop loss at 4975 and targets at 5005-5010. It is important to strictly control position sizes and wait for policy guidance.