FX.co ★ Technical Analysis of Gold for November 28, 2014

After 4 days of consolidation at 50Dsma at the previous session, the metal fell to the 1185.00 levels. Today, the metal opened on a bearish note as well. The metal has strong resistance between $1,205.00 and $1,207.00. Until the metal closes below above these levels, bears have an upper hand. This week, we can expect high volatility in the metal prices. The Swiss gold referendum will take place on November 30, 2014. The nearest weekly resistance exists at $1,213.50, above this $1,240 and $1,243.00 are major resistance levels. Bulls will regain strength in case if the metal prices close above $1,207.00. From an intraday view, the prices have support at $1,180.00, below this $1,177.00 and $1,174.50 are major support levels. In the hourly chart, the metal is making higher highs and higher lows. We can expect panic selling below the $1,174.50 levels. In case if the metal prices fall below $1,174.00, we can declare broadening top in the near term. We recommend fresh selling below the $1,180.00 levels. In case if the metal bounces from the support levels, use every rise to sell up to $1,197.00 levels.