Since the US decided on its new president-elect, gold has seen a downward movement where it made its high of US $1338 and around on the day of election results and today's low is near US $1205.
When the charts are analyzed over a period of past 10 years, formation of bull flag channel is seen which it has managed to breakout around US $1260, which over a longer time period can take it high to US $1500 and above.
From a short term perspective, support can be seen around US $1180 - US $1190 where buying can be done for targets of US $1193/US $1199/ US $1204.5/ US $1207.5 with a stop loss of close below US $1160.