Early in the European session on Wednesday, XAU/USD is trading under pressure and shows signs of vulnerability near the psychologically important $4,500 level.

From a technical standpoint, the metal is exhibiting a moderately bearish short-term bias after a failed attempt to break the horizontal resistance at $4,580 earlier this week. That level now coincides with the 100-period exponential moving average (EMA) on the 4-hour chart and acts as an important barrier. A decisive close above $4,580 is needed to undermine the current downside scenario.

The Relative Strength Index (RSI) remains below neutral, around 35, while the MACD indicator stays in negative territory. These readings point to persistent selling pressure despite the lack of a strong momentum impulse. A break below the month's local low near $4,450 would increase the likelihood of a further corrective decline.