Silver falls more than 8%, gold down 3%. What's next

Silver experienced a significant drop after an explosive rally last week, with prices falling $6.61/oz to $72.36. This marks the largest one-day nominal decline on record, although it does not negate the surge seen on Friday. From a technical perspective, support may be found at the 38.2% retracement level of $70.46, while the 50% level sits at $66.31. Gold has also seen a 3% decline after reaching record highs, impacted by profit-taking amidst low liquidity conditions typical for this time of year. Looking ahead, market expectations suggest that Trump may nominate a dovish figure for the Fed, potentially diminishing the US dollar's attractiveness further, which could support gold prices going forward.