Gold and silver plummet

After the sharp decline the night before yesterday, Asian markets started selling off again during the day

Bitcoin also took a big hit, hitting a second bottom yesterday. There was a conflict among traders trying to buy the dip, but the reason was unclear, so no action was taken

Yesterday's plunge was due to the victory of the new Federal Reserve Chair, Jerome Powell. Financial experts believe he is more cautious and hawkish, worried that his policies will strengthen the dollar. The three main supports for gold are summarized as: a strong dollar will cause gold to fall, and concerns that he may not support the previous monetary easing policies. This is the reason for the gold crash.

Good news is that Arthur Hayes just stated that Powell's appointment as Fed Chair will continue the easing policy. An increased probability of rate cuts is good for gold. Gold is now at a critical four-hour support/resistance level. The last time it was at this level, I started recommending buying.

Wait until Monday's opening to see the trend. If Bitcoin retraces, it can be lightly bought at 80,000-82,000.