Engaging set of Sells

The Hourly 4 Channel Down is intact but the #1,713.80 Support and this week's Low is holding. So far the Trend is still fully Bearish with steady negative Channel, and there are higher chances of a pullback on the Weekly time-frame as this is near the #2-month Higher High trendline. However, confirmation will only come if #1,713.80 breaks (Xau-Usd on my comments) as is a similar sequence April #7th - 8th, the Support held and gave way to a new High, then sharp Lower Low decline. The Hourly 4 #MA50 works as an Support at the moment. Fundamental announcements have strengthened the DX, kept the Stock markets on Higher levels (compared to last week's decline) and boosted Bond notes, which gave me valid reason to contemplate Selling the market, but Gold miraculously recovered yesterday - personally, I think that was the final recovery attempt of Gold to defend the Lower zones. All of those are Bearish correlations for Gold and should add Selling pressure. Gold has been consolidating is the past #8 Hourly 4 candles within #1,733.80 - #1,721.80 zone, so nothing out of the ordinary regarding Price-action. So far this consolidation is keeping the Hourly charts Bearish and it is obvious that Gold is on the Lower High region. If Gold crosses #1,744.80 (Resistance) in the next #2 Daily candles, then the formation breaks sideways and that is a Bullish sign - chances are slim for that scenario as I will place my Stop-loss near it. If Gold breaks sideways then, as it happened in March #31st - April #3rd, I expect the price to seek Support on the #1,695.80. #1,717.80 is first Support and next one is priced at #1,713.80 (#MA50), if broken can lead to extension evem lower than #1,695.80. All possible background (Technical and Fundamental) points me to a new sharp decline as I engaged Medium-term set of Sells with #1,700.80 Target. I expect Rather neutral session Intra-day if Support don't break but still within the Hourly 4 Channel Down as the Lower Highs, Lower Lows are intact. As long as Gold don't break the Lower Highs, I expect a new Lower Low at #1,695.80.