Settling Down After Monday's Chop

Spot has settled around the $1,880/oz mark in Asia-Pac hours.

• Yesterday's broad-reaching choppy price action saw spot gold operate in a ~$50/oz range, after failure to hold above the $1,900/oz mark as U.S. real yields recovered from intraday lows and early risk-off flows reversed, resulting in a sharp pullback for gold, before a bounce from worst levels
• ETF gold holdings have flatlined in December after the pullback from the all-time highs witnessed in October, although the metric remains at historically elevated levels.
• The initial lines in the sand now lie at $1,844.9/oz, the Dec 16 low, which acts as support, while resistance is seen at the 76.4% retracement of the Nov 9-30 dip, located at $1,918.2/oz.