Gold continues to tread water.

While gold remains in a broad uptrend with key drivers intact, the metal has stabilized over the past month as short-term speculators trimmed exposure.

• While gold remains in a broad uptrend, it’s been range-trading since mid-April.

• Investor demand continues to soften, yet prices remain firm. This is a clear bullish signal.

• The long-term rationale for holding gold remains, but while gold continue to range-trade, implied volatility is high, and option pricing is skewed in favor of gold call options, I cont…