Gold Price Forecast: XAU/USD with no clear direction, above $1,800

• Gold is moving sideways, holding on to $1,800.
• The yellow metal needs to consolidate above $1,810 to gain bullish momentum.
• Markets cautious and low volume.

The Prayed it is trading flat on Thursday, holding above $1,800. The value of the ounce reached $1,812 in European hours, but then fell back to $1,804. XAU/USD moves without a clear direction.

The technical indicators do not give clear signals. At the moment, gold remains on a short-term uptrend line that is passing around $1,795 and if it gives in it could lead to a bearish acceleration. Before said level is $1,800. Below, the next major support is at last week’s lows at $1,782. On the upside, if confirmed above $1,810, gold would gain support for a retest at $1,820.

Caution, low volume and few data

The fact that it is the last week of the year implies a lower volume and the possibility of routes without particular factors behind. Traditional correlations often weaken. For these hours, this is reflected in the fact that gold is in the area of ​​daily minimums and that silver is at maximums. At the same time, the currency market is showing some caution, while Wall Street futures are trading in positive territory.

Treasury yields are stable on Thursday, well above where they were a week ago. The 10-year tranche yields 3.87% and the 2-year tranche 4.36%. Stability at these higher levels is one factor that may be limiting gold’s advance.

The economic calendar continues to be poor. Thursday highlights the weekly report on US jobless claims. A slight increase in initial claims is expected from 216,000 to 225,000.

technical levels