The area between high of today, 24/07/2017, and top of the area highlighted should act as an overhead to send Gold below 1200. Over coming this hurdle, would send Gold to test 1295, and +1325 (1366, 1389, 1420), eventually. I have chosen, SHORT, because that is what I expect to happen. See the price action first, and trade what you see.
In its first correction leg, gold made a 5-wave move to down on the weekly time frame. The gold market moved in a near symmetrical proportion, slightly inclined toward an expanding market.
It currently completing its corrective B move in weekly time frame, where it is expected to reach at about 1380. It then expected to start its C wave, in 5-wave structure manner...
The entry is at just below the 0.886 retracement of the previous down leg.
The stop is just above 1.113 retracement.
If the stop was taken you can consider to enter at 1.272 or 1.414 retracement too.
Good luck, and happy trading.