First set of Sells engaged

Gold is trading sideways on Hourly 4 for two reasons. Technically because it hit the main Hourly 4 Resistance #1,709.80 (set on January #4th) which is Hourly 4 chart #MA50 and rejected the Price-action on multiple occasions, and Fundamentally (and most importantly) due to the (speculation on Stock markets # +0.42%) over Trade settlement. I noted this issue yesterday ("retest of #1,710’s") so scalpers should be getting their return within the Bollinger Bands. I do however expect the Price-action to attach the Selling pressure on the Hourly 4 mini Channel Down and break the #1,695.80 Support soon enough. The remaining correlations are normal (DX # +0.44%, Bonds # +5.15%) so the consolidation is caused by the decline on Stock markets (followed by Bullish Gap fill which resulted as negative E.U. opening on Gold) and partially by the intra day rise on DX. The projected Support area should be reached within #2 sessions as I doubt that I will see Bearish developments today. I engaged my Sells a bit earlier than I expected since I don’t want to miss aggressive Support break if happens. I expect Volatility - Lower High and Higher Low tests on both sides. It is no coincidence that since the E.U. opening the price has been consolidating within #10$ range. This is a critical level as it is the Lower High on the Daily chart that started after last December high. Purely on a Technical perspective, expect Volatility and more significant movement as end of the week approaches. I inserted a strict SL if Bullish reversal occurs but I give less chances to that. Support break would be realistic Technical outlook with the aggressive Bear run to #1,680.80, if Stock markets stops their corrective habit. My Target is Hourly 4's #1,675.80.