Asia Sees Consolidation Of Friday's Downtick

Gold has consolidated in Asia, after recording 2 consecutive daily losses at the backend of last week. Spot last deals little changed, hovering around $1,845/oz. A quick reminder that Friday saw an uptick from all-time lows in our weighted U.S. real yield monitor (owing to two permanent FOMC voters pointing to the potential for a quicker pace of tapering re: the central bank's bond buying schemes), with an uptick in the broader DXY also helping gold bears. Still, the bullish technical theme remains intact for gold, with bears needing to force a break through the Nov 10 low ($1,822.4/oz) to start turning the tide in their favour. Meanwhile, bulls continue to eye the Jun 14 high ($1,877.7/oz), which forms the initial resistance point.