Gold Price Forecast: XAU/USD is looking for direction above $3,340 support

• Gold fluctuates without a clear bias, with downside attempts contained above the $3,340 area.
• Volatility remains low on Thursday, with investors awaiting US PPI figures due later in the day.
• XAU/USD consolidates previous losses with $3,375 holding bulls for now.
  
  Gold  (XAU/USD) reversal from last week's highs right above $3,400 has been contained at the $3,335-$3,345 area, where the pair has found support at August 4 and 5 lows, and the 50% Fibonacci retracement of the early August rally.
  
  The precious metal has been trading without a clear bias during the last few days, and upside attempts remain capped on Thursday, with investors watching from the sidelines, ahead og US Jobless Claims and PPI data releases, due later on the day.

Technical analysis: Gold consolidates after hitting the wedge's target

From a technical perspective, XAU/USD is consolidating after reaching the target of a broken wedge pattern at $3,345. The long wicks in the daily chart's candles highlight investors' hesitation at current levels.

On the downside, a confirmation below the August 12 low at $3,330 level would bring the July 29 low and July 31 highs, at the $3,305-$3,315 area back to the bears' focus. Further down, the next target would be the August 1 low, at $3,282.

Upside attempts, on the other hand, remain limited below the intraday's high, at $3,375. A bullish reaction above here would shift the focus to the  $3400-$3410 area (August 7 and 10 highs) ahead of the late July highs, at $3440.