🚨 Precious Metals Sell-Off: Gold & Silver Drop Significantly

The evening trading session on Jan 16 witnessed a massive sell-off in the precious metals market. Both Gold and Silver lost key support levels under pressure from the US Dollar.

📈 Spot Gold saw a significant decline, shedding approximately $70 from its daily high. This represented a 1.43% drop.
(XAUUSDT)

📉 Taking a heavier hit, Spot $XAG recorded a severe daily drop of 5.81%. It officially broke below a key support level.
(XAGUSDT)

🌍 This downward pressure is attributed to the US Dollar Index (DXY) strengthening. It reached 99.49, its highest level since December, following positive US economic data. This, combined with cooling geopolitical tensions between the US and Iran, prompted capital to exit safe-haven assets.

With Silver dropping nearly 6% in a single session, could this be a final shakeout before resuming an uptrend? Or is it a sign of a medium-term reversal?

🔔 News is for reference only, not investment advice. Please conduct your own thorough research before making any trading decisions.