We would like to trade Gold according to these two scenarios. ( Mostly with options to limit the risk )
1.) Buying calls ( expecting gold to go higher ) if it goes back near 1140 - 1150.
2.) Buying puts ( expecting gold to go down ) if it shoots up all the way up to 1225 - 1230. But here caution is advisable since there are probabilities for Fed not hiking at all this year and stay dovish and that case gets worse by simultaneous meltdown. In that case Gold might be unstoppable until 1300 or higher.
So basically ground is fertile for gold to go higher in short and medium term. But long term we remain rally sellers as usual.