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

   •  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.

Gold 30-min. chart

Spot Rate: $1204.52
Daily Low: $1203.11
Daily High: $1207.98
Trend: Sideways consolidation phase

Resistance
R1: $1208.62 (Friday's swing high)
R2: $1211.71 (200-period SMA H4)
R3: $1216.50 (horizontal zone)

Support
S1: $1200 (psychological round figure mark)
S2: $1194.01 (10-day SMA)
S3: $1189.36 (S1 weekly pivot-point)