XAUUSD: Eyeing the 62% Pullback for a Swing LongGold / U.S. DollarFOREXCOM:XAUUSDDorraine Gold has been in a clear downtrend on the 4H since the late-August high near 4,650, respecting a descending trendline the whole way down. Early November changed that: price swept the low near 3,870, then broke back above the trendline with a strong impulsive move into the 4,145 area. What I’m seeing The descending trendline from the August high has been broken to the upside. The impulse from the Nov 2 low topped near 4,145 and is now pulling back. Price is retesting the 4,050 to 4,085 zone, which was support in early October and resistance on the way down. The plan (swing trade) Fib drawn from the 4,145 high to the 3,870 low. Entry zone: 50% to 62% retracement, around 4,010 to 3,977. Invalidation: below the 92% level near 3,894, which also sits just above the swing low. Targets: 0% at 4,145 first, then the -27% extension near 4,222 and -62% near 4,317. Risk to reward is roughly 1:4 if the full move plays out. What would change my mind A 4H close below 3,894 puts the swing low back in play and invalidates the break of structure. In that case I’d step aside and wait for a new setup. What I’m watching next Whether the 4,050 to 4,085 zone holds as support on this retest, or whether price slices through it and fills the 50% to 62% zone first. A reaction there, such as rejection wicks or a bullish engulfing candle on the 4H, would be my confirmation. Not financial advice. This is my own analysis and for educational purposes only. Manage your own risk.