**Today's Macro Take**
A weaker dollar usually provides support for gold.
But today's price action suggests that's no longer the primary driver.
Instead, the market continues to price **real yields** as the dominant macro force. Despite a softer DXY, gold remained under pressure while U.S. real yields stayed elevated.
At the same time, DeFi liquidity continued to contract and the VIX edged higher, reinforcing a broader risk-off and higher-for-longer macro environment.
**My takeaway:** the current regime still favors consolidation over a sustained breakout. Until real yields begin to decline meaningfully, it's difficult to build a strong bullish case for gold or other risk assets.
Curious how others are interpreting today's cross-asset signals.