God is forming ominous head and shoulder patter on daily chart. Inability to break 1220 on the top side despite favourable conditions i.e. Delayed rate hike expectations, recent streak of soft US Data has brought us on the brink of serious downside potential. Right now it's sitting near good old support of 1180 so jumping right away doesn't make sense but building a short from 1200 is the way to trade. Given the volatility of gold market if you can't trade the futures outright then it's best to bet using options. You might consider financing the puts selling upside call spreads during upside spikes.