Gold Price: Set up points to a brief pause after Friday’s strong upsurge

New York (Aug 27)  The precious metal has been oscillating in a narrow trading range, forming a bullish continuation - flag chart pattern on the 30-min. chart.

   •  Technical indicators on hourly charts hold in bullish territory but are yet to catch up with the positive momentum on the daily chart.

   •  Against the backdrop of Friday's strong upsurge of around 1.75%, today's price action would still be categorized as a consolidation phase.

   •  A convincing break through Friday's swing high would reinforce the bullish outlook and pave the way for additional gains in the near-term.

FXstreet

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