Gold trades the range as risks simmer.

Gold continues to pivot around the USD 3,300/oz level amid subdued speculative interest and declining implied volatility, but issues around tariffs and the Federal Reserve continue to simmer.

• Gold continues to pivot around the USD 3,300/oz level with implied volatility subsiding, supporting my strategy of selling short-dated (two-week to one-month) gold call options against an underlying long exposure.

• Indicators from COMEX and gold-backed ETFs suggest speculative interest has subsided while short-dated option skew is now nearly flat.

• At prese…