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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"","","","","$29,058.30","","","","","","","","","","","","","","","","","","","","41.95%","","","2.00%","","","","","","","","","","","","","","","","","","","","","","","","","","","",""
Rational Move always use stop loss orders, and this is the worse case potential loss over the capital for the currently open positions. This is unrealized loss is less or equal to the risk exposure.

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