The Commercal Group is gaining an extremely short maximum position (more than in 2014). It is likely the formation of a flat in the region of $60- $70.
Next you need to watch the open interest.
Last year and the beginning of this year, gold was under an important area of resistance ($ 1340- $ 1360), which was formed in 2016.
Group Commercial under this area of resistance is still beginning to gain a short position (the growth of open interest is confirmed).
After a huge volume released last week, the price began to decline. The 10-year chart shows that this is the key level of resistance.
Anticipation of further decline to support level of $ 2.9
After fixing the price above $ 2.75 and pushing the price at high volumes above $ 3.0, the price stopped at a local resistance of $ 3.25.
We still expect further price growth.