Price slide snaps eight-day winning streak
The white metal fell below $57 an ounce, after losing more than 2% in the previous session and ending an eight-day run of gains. The pullback came as investors reassessed fresh buying that had pushed prices higher in recent days.
What happened
After a sustained rally, the market saw a turn as traders booked profits and scaled back positions. The sudden drop pushed the metal under the key $57 level, reversing a short-term momentum that had attracted speculative and physical demand.
Why the move matters
- Short-term momentum: An eight-day streak can draw in momentum buyers — but it also raises the risk of a sharp correction when sentiment shifts.
- Investor flows: Volatility can trigger changes in ETF and physical demand patterns, affecting prices further.
- Market signals: A break below psychological levels like $57 can influence trader behavior and stop-loss activity.
What to watch next
Traders will be watching broader market cues — currency moves, interest-rate expectations and economic data — for signs of how quickly the metal may recover. A sustained rebound will likely need renewed buying interest or fresh supportive fundamentals, while continued outflows could deepen the decline.
For now, the pause under $57 serves as a reminder that even strong runs can be vulnerable to swift reversals once profit-taking sets in.