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The rollercoaster ride continues as the volatile selling is not quite over yet. Precious metals looked on course for a modest recovery in the past few sessions before being dealt a slight setback in US trading the day before. Gold failed to hold a firm break above $5,000 while silver dipped back under $90 to start with in closing out yesterday.That carried over to today before a heavy round of selling hit in Asia with silver falling from $89 to $74 in the span of less than two hours. From earlier:Silver takes a nosedive as dip buyers are dealt a setbackPrecious metals slammed, silver plummeted. Was it this news out of China?For me, the selling reaffirms the technical picture we’re seeing with precious metals still at the moment. That being dip buyers are still not able to seize back control. And that indicates that the volatile selling and swings are not quite over and done with just yet. So, be very careful when picking your battles.The near-term chart for silver clearly exemplifies that with price action failing to firmly hold above the 38.2 Fib retracement level at $90.55 for one. The other key thing is that we’re seeing a solid rejection of the 100-hour moving average (red line) as well. That keeps the near-term bias more bearish for the precious metal, at least for now.The drop in gold isn’t quite as pronounced, with it being down just around 1.5% on the day. But as mentioned before, any major pullbacks in this space will hurt silver more than it will gold. And that is precisely what we’re witnessing now.The correction will end when it ends. But in the meantime, expect the volatility to continue to play out as we likely establish a much larger consolidative range for both precious metals. It will require a trigger for dip buyers to gain confidence and to regain the momentum again. However, that will prove to be tough for the time being as profit-taking activity will be seen every so often in this kind of market turbulence.
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
Gold’s struggle to break above $5,000 is a critical moment for traders: it signals ongoing volatility and uncertainty in the precious metals market. The recent attempts at recovery in precious metals, particularly gold and silver, highlight the fragility of bullish sentiment. With gold unable to maintain its position above $5,000, traders should be cautious. This level has become a psychological barrier, and a failure to break through could lead to further selling pressure. Watch for key support levels below this mark, as a drop could trigger stop-loss orders, exacerbating the decline. Silver’s performance will also be crucial; if it follows gold’s lead, we could see a correlated downturn across both assets. On the flip side, if gold manages to reclaim and hold above $5,000, it could reignite bullish momentum, attracting both retail and institutional buyers. Keep an eye on market sentiment and any macroeconomic indicators that could influence precious metals, like inflation data or interest rate changes. The next few trading sessions will be pivotal, so stay alert for potential breakouts or breakdowns.
📮 Takeaway
Watch gold’s ability to hold above $5,000; failure could lead to increased selling pressure, while a breakout might attract new buyers.
