Gold eases below $4,500 as markets turn cautious ahead of US data

From a technical perspective, Gold remains constructive on the 4-hour chart, with prices holding comfortably above the 50-period and 100-period Simple Moving Averages (SMAs). This setup keeps the broader bullish bias intact, with the metal stabilising above the $4,450 area.

The $4,450 area now acts as a key near-term pivot. A sustained break below this region would weaken the bullish structure and shift the near-term bias to the downside, exposing the next support levels near $4,400, followed by the $4,300 psychological handle.

On the upside, a decisive break of the $4,500 psychological barrier would confirm the continuation of the prevailing bullish trend and open the door for a retest of the all-time high near $4,549, set on December 26.

Momentum indicators remain supportive. The Relative Strength Index (RSI) is hovering around 58, pointing to positive momentum without overbought conditions. Meanwhile, the Average Directional Index (ADX) sits near 20, suggesting the trend remains fragile and that a period of consolidation could precede the next directional move.