the price of gold made a high on the year just under 1375 back in July. Since then, we had a descending triangle followed by a breakout, which was then followed by a pullback, which respected the broken triangle as a price top. Then price slid sharply, making its way down to 1171 today (11\/25 session).XAU\/USD Daily Chart 11\/25(click to enlarge)Reasons to buy:1) Price has retreated to the 61.8% fibonacci retracement level.2) The RSI is showing oversold condition.3) Today's bullish candle (11\/25) could end up being a bullish engulfing candle, or at least an outside bar. Today's price action could potentially set a support pivot at 1171. Reason not to:The prevailing trend in the short to medium-term is neutral to bearish, and all the signs noted above are very early signs. What else to look for:We might want to wait for another test of 1171, or get a couple more days where price closes above 1180 to gain confidence that price is anchoring above the 1170-1180 area .