Oscillating

The DXY's recovery from intraday lows applied pressure to gold on Tuesday, allowing spot to extend its foray back below $1,800/oz, even as our weighted U.S. real yield monitor moved south. The modest uptick in U.S. Tsy yields during Wednesday's Asia session kept the pressure on bullion, with spot last dealing a handful of dollars lower on the day, just below $1,790/oz, although the metric has failed to threaten yesterday's low. Resistance is noted at the Oct 22 high ($1,813.8/oz). The 50-day EMA now provides the initial zone of support, followed by the Oct 18 low ($1,760.4/oz). Key support is located below there, coming in at the Oct 6 low ($1,746.0/oz).