Gold price is demonstrating a non-directional performance from Thursday after a stalwart rally to near $1,960.00. The precious metal has failed to capitalize on soft inflation and PPI June report, which cleared that households’ demand has turned subdued. Gold price is consolidating around $1,960.00 and the upside bias could strengthen if it manages to deliver a decisive break above the previous day high (PDH) at $1,964.00.A strong break above PDH would expose the precious metal to $1,972.25, which is the first pivot resistance on a monthly basis and the third pivot cap on a weekly basis. More upside will open post a solid breakout of monthly R1 and the asset will find its next stoppage at $1,984.48, which is the previous month’s high. The downside bias could unlock if the Gold price fails to sustain above $1,953.89 which is a daily 23.6% Fibonacci retracement. A slippage below the aforementioned support would drag the asset toward the daily 38.2% Fibo retracement plotted at $1,949.81, followed by a four-hour middle Bollinger Band at $1,939.62.
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