Is Gold Getting Ready to Drop?

<p>Good day!</p>
<p>On Friday’s EUR/USD chart a white candle has formed on a side of the broken triangle, absorbing half of the black one. This asset could indicate a potential jump when the markets open:</p>
<p><img class="alignnone size-large wp-image-42058" src="http://blog.tickmill.com/wp-content/uploads/2020/04/1-21-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/1-21-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/1-21-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/1-21-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/1-21.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>Based on the latest data by COT CFTC, large operators keep expanding long positions and decreasing the short ones. At that, the net position (Long-Short) continues to grow as it has for many weeks so far. This position has now reached the new maximum of 86,617. A possible indicators that that the market could grow:</p>
<p><img class="alignnone size-large wp-image-42062" src="http://blog.tickmill.com/wp-content/uploads/2020/04/2-17-1024×530.png" alt="" width="1024" height="530" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/2-17-1024×530.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/2-17-300×155.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/2-17-768×398.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/2-17.png 1137w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>In the weekly chart, gold price has formed a shooting star, which is currently touching the resistance level of 1703.00. This means that next week gold could drop:</p>
<p><img class="alignnone size-large wp-image-42059" src="http://blog.tickmill.com/wp-content/uploads/2020/04/3-8-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/3-8-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/3-8-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/3-8-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/3-8.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>As can be seen from the daily chart, the asset might first target the middle point of the shooting star, that is, the level of 1703.00, and then potentially drop:</p>
<p><img class="alignnone size-large wp-image-42060" src="http://blog.tickmill.com/wp-content/uploads/2020/04/4-6-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/4-6-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/4-6-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/4-6-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/4-6.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>The price of British pound remains at the level of 1.2485, forming a slightly bullish engulfing pattern that can make the prices jump till the 1.2770 level:</p>
<p><img class="alignnone size-large wp-image-42061" src="http://blog.tickmill.com/wp-content/uploads/2020/04/5-1-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/5-1-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/5-1-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/5-1-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/5-1.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>Let us remind you that this material is provided for informative purposes only and cannot be considered as a direct go ahead to implement transactions in the financial markets. Trading in the financial markets is very risky.</p>
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