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What a wild ride this is all becoming. Silver is now down 16% to $97 levels while gold is down some 7% to $4,984 on the day. The $100 mark and the $5,000 mark have both respectfully been breached. Those are some big, big psychological levels to be mindful of.The pullback/correction is in full swing now and it is no time to be a hero. As mentioned earlier, profit-taking begets profit-taking and that is what we’re seeing here as traders rush to the exits. It’s all a cascading effect.And as another reminder: Just as it is a fool’s errand to be picking tops, it is equally unintelligible to be trying to catch a falling knife.The correction will end when it ends and then we can go back to looking at the fundamentals again to reassess where will be a good time to load back up on long positions. I say that because the fundamental drivers that led to the surging rally hasn’t gone away just because we’re seeing the price “crash” as such today.From earlier:Precious metals continue to see volatility spikes as correction danger buildsHave we reached a short-term top in gold after the sharp swing lower?Precious metals continue to tumble as the heavy selling continues
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
Silver’s 16% drop to $97 and gold’s decline to $4,984 are shaking up the market. These breaches of key psychological levels—$100 for silver and $5,000 for gold—could trigger further volatility. Traders often react to such levels, leading to cascading sell-offs or potential rebounds. If silver can’t reclaim the $100 mark soon, we might see more downside pressure, especially if broader market sentiment remains bearish. Gold’s struggle at $5,000 could also signal a shift in investor confidence, particularly if inflation fears or geopolitical tensions escalate. On the flip side, if either metal shows signs of recovery, it could attract buyers looking for value, especially in a market that’s been so choppy. Watch for any bounce back above these levels, as that could indicate a shift in momentum. Keep an eye on the daily charts for both metals; a close above these psychological barriers could set the stage for a reversal.
📮 Takeaway
Watch for silver to reclaim $100 and gold to hold above $5,000; failure to do so could lead to further declines.
