Gold short, on weekly, supported by daily and 4h chart

If gold wishes to break highs, and make new one, first we must see somewhat decent price correction before any bullish rally. CoT data supports idea that banks are currently profit taking on every rally in gold, and are unwilling to take long orders at current levels. What might happen is, after most of them exit long positions and price drops to 1270 level again, we could see them enter again with long orders.