We report x-ray photon correlation spectroscopy experiments on a concentrated nanocolloidal gel subject to in situ oscillatory shear strain. The strain causes periodic echoes in the speckle pattern that lead to peaks in the intensity autocorrelation function. Above a threshold strain that is near the first yield point of the gel, the peak amplitude decays exponentially with the number of shear cycles, signaling irreversible particle rearrangements. The wave-vector dependence of the decay rate reveals a power-law distribution in the size of regions undergoing shear-induced rearrangement. The gel also displays strain softening well below the threshold, indicating a range of strains at which the rheology is nonlinear but the microscopic deformations are reversible.