Silver fell sharply after breaking through $80 per ounce for the first time, ending record gains driven by speculative demand. Gold also recorded its biggest decline in two months. Silver once fell more than 9% on Monday, the biggest one-day intraday decline since 2021. Technical indicators show that this round of gains may have progressed too fast or too fast. Gold once fell 4.5% to below $4,329 an ounce due to signs that the metal was also overbought. Silver's sharp decline was only a few hours away from breaking through $84. Silver's 14-day Relative Strength Index has remained above 70 for the past three weeks, and is currently around 67. An RSI above 70 is generally considered overbought.

Silver fell sharply after breaking through $80 per ounce for the first time, ending record gains driven by speculative demand. Gold also recorded its biggest decline in two months. Silver once fell more than 9% on Monday, the biggest one-day intraday decline since 2021. Technical indicators show that this round of gains may have progressed too fast or too fast. Gold once fell 4.5% to below $4,329 an ounce due to signs that the metal was also overbought. Silver's sharp decline was only a few hours away from breaking through $84. Silver's 14-day Relative Strength Index has remained above 70 for the past three weeks, and is currently around 67. An RSI above 70 is generally considered overbought.