Mounting under is definetly better than putting it in the cable tray. Metal is a reflective surface when it comes to wifi. If this is your best option for mounting in that area, it shouldn't cause too many issues. On downtilt APs, some of the RF comes out the back of the AP (in this case hitting your cable tray). If you have a way to mount it on the cable tray try offsetting the mount by about a foot from the tray. Another good option would be to use a threaded down rod from the ceiling to get it below the ceiling obstacles.