Last time we looked at gold (XAU/USD) we observed a shift from a bullish mode in 2017 to possible a sideways, ranging mode. This is because price action in June failed to push above the 1295 high from April. This was the first time in 2017 when the market couldn't make a higher high. XAU/USD Daily Chart(click to enlarge)Support:- In that previous observation, we anticipated a slide to 1215, which would be the range support.- Indeed this decline materialized and price is now trading right around this support area as we can see on the daily chart above.- I think we should wait for price to stall, as it might extend below 1215 and still use this pivot as support eventually. - I would prefer seeing a bullish divergence between price and the RSI before considering any long position.- Also, in case the market is turning bearish, we should have a conservative target of 1245, the middle of the range. Reward to Risk:- Now, let's say we get an entry at 1215 and a stop at 1209. - With a target of 1245, we would have a reward to risk of 30:6, or 5:1.- I think even with a conservative target, the reward to risk is decent. - The only thing is waiting for the current slide to stall because it looks too sharp try to catch. Next Support:- If this support around 1215 does not work, we can anticipate support around 1200, with a similar upside, towards 1245, but with maybe a conservative target around 1215. We'll assess this trade idea if the market does indeed push through the current range support.