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<p>Global markets took a sharp hit after the United States announced it was revoking Iran’s oil export license. The reaction spread across stocks, precious metals, and cryptocurrencies within minutes.<a href="https://captainaltcoin.com/silver-price-gap-widens-as-dealers-blame-older-generation/" rel="noopener noreferrer nofollow"> Silver price </a>did not escape the selloff, and the latest market data shows investors are now watching whether this decline marks the final correction before a much larger rally.</p>
<p>Market commentator <strong>Bull Theory</strong> shared the scale of the selloff on X. The post noted that roughly <strong>$1 trillion</strong> disappeared from the combined value of stocks, precious metals, and crypto within 30 minutes of the announcement.</p>
<blockquote class="twitter-tweet">
 <p><img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f6a8.png" alt="🚨"> Massive selloff in the market.<br><br>$1 TRILLION was wiped out from stocks, precious metals, and crypto within 30 minutes after the US announced it was revoking Iran's oil export license<br><br>Gold dumped -1.33%, wiping out $372 billion from its market cap.<br><br>Silver dumped -2.67%, wiping… <a href="https://t.co/ekk603KBjn" rel="noopener noreferrer nofollow">pic.twitter.com/ekk603KBjn</a></p>— Bull Theory (@BullTheoryio) <a href="https://x.com/BullTheoryio/status/2074593548184572378?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 7, 2026</a>
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<p>Gold fell <strong>1.33%</strong>, which erased about <strong>$372 billion</strong> from its market capitalization. Silver dropped <strong>2.67%</strong>, removing roughly <strong>$85 billion</strong> in value. The Nasdaq declined <strong>1.87%</strong> for a loss of about <strong>$486 billion</strong>, the S&amp;P 500 slipped <strong>0.46%</strong>, and the crypto market lost about <strong>$27 billion</strong> during the same period.</p>
<p>That broad decline shows the move was not unique to silver. Nearly every major risk asset came under pressure as investors adjusted to the geopolitical news.</p>
<h2 class="wp-block-heading" id="elliott-wave-analysis-points-to-one-more-silver-price-correction">Elliott Wave Analysis Points to One More Silver Price Correction</h2>
<p>Despite the recent weakness,<a href="https://x.com/ElliottWavesHub/status/2074578780212064671?s=20" rel="noopener noreferrer nofollow"><strong>Hamza</strong> from <strong>ElliottWavesHub</strong></a>believes the current decline fits within a much larger bullish picture.</p>
<p>Hamza recently wrote:</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p><em>“$Silver Update. 50% down since I called it. Wave 4 isn’t even halfway done. But when it completes, You won’t find a bigger Silver bull than me. You’ve been warned.”</em></p>
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<p>That message follows an earlier market outlook where Hamza argued that<a href="https://captainaltcoin.com/silver-price-prediction-will-xag-rally-toward-78-before-a-big-sell-off-this-week/" rel="noopener noreferrer nofollow"> silver had entered</a> what he described as a “no buying zone” after completing most of its powerful Wave 3 advance. His broader analysis expects several months of correction before the next major leg higher begins.</p>
<p>The attached <a href="https://hw.online/education/elliott-wave-theory-the-motive-corrective-and-impulse-waves/?utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=NG_PMax_maxROAS_Dep&amp;utm_content=Promo_Ramadan&amp;utm_ad=&amp;utm_term=&amp;matchtype=&amp;device=c&amp;GeoLoc=1010288&amp;placement=&amp;network=x&amp;campaign_id=23625848084&amp;adset_id=&amp;ad_id=&amp;gad_source=1&amp;gad_campaignid=23630505973&amp;gbraid=0AAAAA_5GlYkrJEGm8CaoYtMuh2Ex71pTl&amp;gclid=CjwKCAjw6rfSBhAqEiwA_yocpqH9GdYXlfNEM_dGlVEaUgTNh7ZyA6y9JykAG-uKbpa7gFiWxRiSexoCb6MQAvD_BwE" rel="noopener noreferrer nofollow">Elliott Wave chart</a> supports that view. It outlines a large Wave 4 correction that could continue pushing the silver price lower before the longer term uptrend resumes.</p>
<figure class="wp-block-image size-large"><img width="1024" height="556" src="https://captainaltcoin.com/wp-content/uploads/2026/07/image-203-1024x556.png" alt="">
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  @ElliottWavesHub / X
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<p>The chart suggests silver could decline toward <strong>$40</strong>, and an even deeper correction toward <strong>$30</strong> remains possible if selling pressure continues. Hamza’s outlook also includes an <a href="https://airdropalert.com/blogs/trade-invalidation-guide/" rel="noopener noreferrer nofollow">important invalidation level</a>. A move below <strong>$29</strong> would break the current Elliott Wave structure and force a reassessment of the bullish roadmap.</p>
<p>That makes the current decline an important phase of the cycle instead of a signal that the entire bull market has ended.</p>
<h2 class="wp-block-heading" id="silver-price-has-already-fallen-sharply-from-its-peak">Silver Price Has Already Fallen Sharply From Its Peak</h2>
<p>A look at our silver chart shows the correction has already erased a large portion of the previous rally.</p>
<p><a href="https://captainaltcoin.com/silver-price-latest-bounce-repeats-a-pattern-that-previously-ended-in-a-64-crash/" rel="noopener noreferrer nofollow">Silver price reached</a> an all time high slightly above <strong>$121</strong> before sellers gradually took control of the market. The metal now trades around <strong>$58</strong>, which means nearly half of that advance has already disappeared.</p>
<p>That steady decline fits the broader correction described by Hamza. Markets rarely move straight upward during major bull cycles. Large advances often give way to lengthy pullbacks before the next expansion phase begins.</p>
<p>Current price action shows sellers still have control for now. Buyers will likely look for stronger support before attempting another sustained recovery.</p>
<h2 class="wp-block-heading" id="key-support-levels-could-decide-the-next-silver-price-move">Key Support Levels Could Decide the Next Silver Price Move</h2>
<p>Our chart identifies <strong>$48</strong> as the next major support area for the silver price.</p>
<figure class="wp-block-image size-large"><img width="1024" height="519" src="https://captainaltcoin.com/wp-content/uploads/2026/07/image-202-1024x519.png" alt="">
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  XAGUSD Price Chart / TradingView.com
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<p>A successful defense of that level would strengthen the case that the current correction is approaching its later stages. Buyers could return around that zone and produce another recovery before the broader decline continues.</p>
<p>Failure to hold <strong>$48</strong> would expose the next important support near <strong>$33</strong>. That level lines up closely with the deeper correction projected in the Elliott Wave outlook and would place silver much closer to Hamza’s projected target zone.</p>
<p>Every major support level deserves close attention because a strong bounce from either area would support the idea that silver remains inside a much larger bullish cycle despite the current weakness.</p>
<h2 class="wp-block-heading" id="faqs">FAQs</h2>
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  <div class="uagb-faq-questions-button uagb-faq-questions"><span></span><span></span><span><strong>Which country is the cheapest to buy silver?</strong></span>
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   <p><em>China represents one of the most competitive markets for silver pricing. Due to significant domestic production and a highly liquid internal exchange (the Shanghai Gold Exchange), silver in China often trades at a unique price point relative to the West.</em></p>
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  <div class="uagb-faq-questions-button uagb-faq-questions"><span></span><span></span><span><strong>What is poor man’s silver?</strong></span>
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   <p><em>Pewter items were often made by silversmiths as a cheaper alternative to silver. As such, it is often called ‘Poor Man’s Silver’. It is an alloy of mainly tin, with other metals such as bismuth, copper and lead, to harden and strengthen it. Pewter can be worked in several ways to produce different objects.</em></p>
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<p>The post <a href="https://captainaltcoin.com/silver-price-has-one-last-pullback-before-the-biggest-rally-yet/" rel="noopener noreferrer nofollow">Silver Price Has One Last Pullback Before the Biggest Rally Yet!</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Silver Price Has One Last Pullback Before the Biggest Rally Yet!

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