XAUUSD Daily Analysis: Approaching Major Support in a DowntrendGoldOANDA:XAUUSDTheFXNavigatorXAUUSD is currently trading around 4,026 on the Daily timeframe. As we can see, the overall market structure remains bearish, with the price respecting the descending trendline and forming lower highs. Currently, the price is approaching a critical horizontal support level. My trading plan: I am not going to front-run the market here. The strategy is to wait for price action confirmation at this support zone. 1. Bullish Scenario: If the price shows a strong rejection (e.g., bullish engulfing or pin bar) at the support level, I will look for long positions targeting the recent lower high. 2. Bearish Scenario: If the support level breaks with a strong daily candle close below it, the downtrend will likely continue, and I will look for short positions on the retest. Remember: Always wait for the price reaction before opening a position. Manage your risk! *Note: This is part of my personal trading journal.*