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Gold was little changed on Thursday in muted trade ahead of the holidays as the US dollar slipped from 14-year highs.

Spot gold was steady at $1,131.54 an ounce by 0253GMT.

“The market is in holiday mood already and we have very few trading days before the new year. It is all going to be quiet as the investors will be holding very thin margins,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

“The dollar is very strong and gold is going to be under pressure till Donald Trump takes over the US presidency and the focus will shift to how his polices are unfolding,” said Leung.

Spot gold looks neutral in a range of $1,121-$1,137 per ounce, and an escape could indicate a direction, according toWang Tao, Reuters analyst for commodities technicals.

HSBC anticipates that gold will hold around $1,100 an ounce, should it approach this price, or at least looks for a pickup in buying if this level does fail.

“Positive comments earlier this week by Federal Reserve Chair Janet Yellen on the state of the U.S. labor market appear to be supporting the USD. Light trading volume can leave gold and the other precious metals open (to) wide swings and erratic behavior on relatively little buying or selling,” said HSBC.

“Gold may near $1,100 but we do not think the market will go below that level. If it does break $1,100, we would expect bargain hunters and price-sensitive buyers to increase purchases. We also wonder for how long the USD can keep rallying. Any pullback in the greenback may trigger a scramble into gold,” said analysts at HSBC.