The price of gold in US Dollar (XAU/USD) has been sliding since marking a high on the year around 1374 in July. The daily chart shows that the decline accelerated in November (immediately after the US election) - this is why some call it the trump dump.Gold (XAU/USD) Daily Chart 12/29(click to enlarge)Deep Retracement:- The daily chart shows that the bearish run since July has been a deep retracement against a bull run since December 2015. - We are definitely in a medium-term downtrend, but the long-term outlook is essentially sideways since 2014. - There isn't much from the technical perspective to speak on a long-term outlook. - But in the short to medium-term, we could be seeing a bullish reversal attempt, shown more clearly in the 1H chart.Gold (XAU/USD) 1H Chart 12/29(click to enlarge)Price Bottom:- The 1H chart shows a triangle consolidation. - Then we saw a breakout coming into this week. - The 3 things I like to see in a bullish reversal attempts are here:1) A slingshot - price pushed above the 200-, 100-, and 50-hour simple moving averages (SMAs), and then bounced off of them as support.2) The RSI pushed above 70, then after a pullback, it holds above 40. This reflects maintenance of the bullish momentum.3) Furthermore, after the breakout we had a bit of consolidation and pullback, which resulted in confirmation of higher support.Upside:- A bullish outlook to 1165 is likely. - I think the question is whether gold will rebound back to the 1190-1200 area. - I think the technical picture suggests we could have a price bottom. - But we might want to have this price bottom tested against a support. - For example, if another test of the 1140 area shows support here, we should gain more confidence for the bullish scenario.