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Long

Gold flirting with long term support

COMEX:GC1!   GOLD FUTURES
58 0 3

Gold             prices slipped to a low of USD 1064.50/Oz levels in the NY session. The wires are full of gold             updates but none is talking about the metal flirting with the long term support.

On the monthly chart, we can clearly see the metal moving in a falling channel (flatter slope). There are still four weeks to go before we get the much anticipated liftoff from the Fed at its Dec             17 meeting. So there is plenty of scope for the USD to extend its gains across the board and metal to continue its southward journey towards USD 1132.

However, I would not short the metal so long as I do not see atleast a weekly close below the falling channel support at USD 1169/Oz levels.

Infact I prefer to add a long gold             position now for a target of USD 1190/Oz with a stop loss of 1158/Oz
Trade closed manually: Gold Profit booked at USD 1080/Oz
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