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These are some breathtaking moves in precious metals today.Gold is now at the session low, down 10.0%, or $837, to $4855. It’s an incredible reversal on the daily chart and a textbook three-candle top.As amazing as that is, silver is something else. It’s down 26%, or $29 to $86.57. Note that less than a year ago, an ounce of silver traded for $27 so this is equal to its entire value at the time. However just yesterday it traded at $121 and a 26.5% decline would be the worst percentage drop ever, worse than the post-Hunt brothers bust.This certainly looks like a bubble bursting.This is a real reckoning but gold at $4862 is still an unthinkably-high number compared to a year or two ago, similarly with silver. But this is the correction and if we get a year of consolidation around these levels, it’s still ultimately healthy.Some events I’m circling in the shorter term:What Trump does on Iran/CubaThe Supreme Court tariff decisionWarsh’s first speech after he’s confirmedWhether Powell stays as a Fed GovernorFor now, the party is over and it was one for the ages. In gold, I have a hard time imagining it will trade sub-$4000. If it gets down there, I think there will be some strong hands buying but I wouldn’t be weighing in before that. For holders? It’s a tough call. This can turn around or bounce quickly and it’s never a good idea to panic on a Friday afternoon. Could we get a ‘Black Monday’ kind of further selloff? I tend to think there would need to be some kind of trigger to make that happen beyond an Iran deal.
This article was written by Adam Button at investinglive.com.
💡 DMK Insight
Gold’s 10% drop and silver’s staggering 26% decline are shaking up the market right now. For traders, this dramatic reversal signals a potential shift in sentiment. Gold’s fall to $4855, forming a three-candle top, suggests a bearish trend that could lead to further selling pressure. Silver’s plunge to $86.57 raises concerns about over-leverage in the market, especially among retail traders who might be caught off guard. These moves could trigger cascading effects across related assets, including cryptocurrencies like ETH, which often correlate with precious metals in times of uncertainty. Keep an eye on the daily charts for both gold and silver; if they break below these levels, it could signal more downside. But here’s the flip side: if these assets find support soon, we might see a sharp rebound, especially if institutions step in to buy the dip. Watch for key levels around $4800 for gold and $85 for silver. If they hold, it could set up a buying opportunity, but if they break, expect volatility to increase across the board.
📮 Takeaway
Monitor gold at $4800 and silver at $85; a break below these levels could lead to increased market volatility.
