FXStreet (Mumbai) - Gold prices advanced on Monday amid the flat action in the USD index and an uptick in the European stock markets. Portfolio adjustment underway? The metal could be moving higher as the investors began unwinding short positions ahead of the year end. Short Gold turned out to be a successful trade throughout 2015 as the metal has been on a steady declining trend from the January 2015 high of USD 1307.46/Oz levels. The losses were triggered in anticipation of the Fed rate hike, which finally happened last week. Consequently, the today’s upmove could be due to the unwinding of shorts ahead of the year end. The portfolio adjustment could continue ahead of the year end. Gold Technical Levels At USD 1071/Oz, the metal faces an immediate resistance at 1074.73 (Dec 1 high), above which the metal could rise to 1080.48 (23.6% of Oct high-Dec low). On the other hand, a break below 1058.77 (Dec 14 low) could open doors for a re-test of 1046.18 (Dec 3 low). For more information, read our latest forex news.