Technical: 1. Gold has been in steady uptrend channels for 9 trading days, but the recent price action overlapping the upside channel suggests that the correction is due. In addition, the 2 times rejection shown on chart also add to our short-term bearish bias. 2. The room of corrective moves in gold is seen to touch 1660 - 1665 area.
Trade ideas: We generate the low-risk trade idea of shorting gold at current market price at 1178. S/L: 1186 T/P: 1163 Risk to reward ratio = > 1:2