⏬Silver Plunges Nearly 5%

Key takeaways

Silver tumbles nearly 5%, dropping below the $50 level for its largest single-day loss since April.
The correction follows a surge of retail FOMO, often seen as a contrarian signal by seasoned investors.
Key factors include easing US political risk, renewed US-China trade optimism, and a technical breach of the accelerated uptrend line.

Key takeaways

Silver tumbles nearly 5%, dropping below the $50 level for its largest single-day loss since April.
The correction follows a surge of retail FOMO, often seen as a contrarian signal by seasoned investors.
Key factors include easing US political risk, renewed US-China trade optimism, and a technical breach of the accelerated uptrend line.

The correction follows a period where images of queues outside physical bullion shops circulated globally, suggesting a surge of FOMO (Fear of Missing Out) among retail clients previously unfamiliar with precious metals. The entry of the least experienced investors into a market is frequently considered a contrarian signal.

While the market's underlying fundamentals remain robust, pullbacks are a regular feature, especially when several catalysts align:

US Political Risk Eases: News emerged yesterday of a potential deal between Republicans and Democrats this week, paving the way for the US government to resume operations. This development potentially removes a layer of geopolitical risk from the market.
Trade Optimism: Donald Trump has declared that a trade agreement with China will be "magnificent," and he plans to meet with Xi Jinping at the APEC summit later this month.
COMEX Inventory Shift: Silver inventories at COMEX have begun to decline, a trend that could signal the metal's return to London.

Technical Snapshot

The price is retreating significantly today, falling not only below $50 per ounce but also breaching the 2011 peaks. Furthermore, the accelerated upward trend line, initiated in the second half of September, is being broken. Should this correction extend beyond a one-off profit-taking event, the next key support level will be around $47 per ounce, coinciding with the 30-day moving average.

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⏬Silver Plunges Nearly 5%

Technical Snapshot

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