Very cautious on short & mid term gold

As you know, I made some money with short term long trade on gold, and I also have a mid term long position that is slightly positive. But looking at May and June’s gold sluggish move, I started to get very cautious. Frankly, I will be exiting mid term position at the next opportunity. It may extend the rally, but I want to be on the safe side.

First, 360min chart. I provided two versions of Elliott wave counts labeled with/without parentheses:

In either case, the last few waves look very much like ending-diagonal unless there will be a sudden rally like a rocket within a few days. Today’s fall rather looked very impulsive downwards, making me even more cautious.

If we get longer perspective on daily chart, I can even count this is the very top of mid term bull (labels with parenthesis):

Again, the shape of the wave from purple (.IV) to (.V) looks non-impulsive.

I have no emotional attachment to this market. I will be soon out of gold trade for the time being!

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