The recent wave in the precious metals market is indeed quite interesting. Silver experienced a rollercoaster last night, dropping $8 in one night, from 93 directly down to 85, which caught many people off guard. Although gold was also affected, its decline was only about 0.6%, showing relatively good resilience.

But what’s most confusing is the split among institutions. Some are calling for 40, others for 100, and some even directly set the ceiling at 309—can the gap be any bigger? Investors looking at these expectations are somewhat bewildered.

If you look closely at the trend, you can still find some clues: although gold has fallen in this wave, it’s holding quite steadily, and its logical framework hasn’t collapsed. Silver is naturally a bit impulsive; a 30% rise and a 5% dip are not unusual for it. This rapid correction is better understood as a shakeout rather than a big drop.

Of course, targets like 309 are too idealistic; we just observe them. The key is whether it can hold above 88 tonight—this is an important technical support level. Whether the trend is a bullish reversal or the bull is losing strength, this hurdle is quite critical.

What do you think about this wave? See you in the comments if you’re feeling shaken.