June 17, 2020 - (Gold Market Wire) - Gold remains little changed in the European a.m., as the horizontal boundaries keep the market in a tight range.

The market remains unexciting, caught, still in the $1683 - $1748 range. There's not really enough momentum to initiate a scalp strategy, so we must wait. Our downtrend line is still defining the market, which indicates the slow drift lower will continue. Hardly exciting action.

The victory goes to those who has the courage and foresight, few as they probably are, to sell the $1700 strike and hold on to it. They have been the big winners in the market. It is, again, the reason why professional options traders like to "butterfly" their position by selling short the middle and covering with the wings, in case of a break out. Short volatility at $1700 has been the winning strategy.