Gold surged to 5044 and then experienced a significant pullback, breaking through the key support at 4990 with a low of 4978. It is currently oscillating around 5000.

From a technical perspective, gold price has broken below short-term moving averages, MACD shows bearish volume expansion, and KDJ is diverging downward. The short-term bias is bearish but has shown oversold signals. Operationally, you can establish a light short position during a rebound to the 5015-5020 range with a stop-loss at 5028 and targets of 4990-4980. Alternatively, after a retest of 4980-4985 stabilizes, establish a light long position to trade a rebound with a stop-loss at 4975 and targets of 5005-5010. Strict position management is required while awaiting policy guidance.