Silver Forms Double Top, Testing Key Support for Potential Downward Move

Silver, just like gold, made huge gains in September. The jumbo rate cut from the Fed was a significant positive surprise for silver bulls. Additionally, the surge in unemployment and substantial revisions to payroll data in recent months further boosted prices. On top of that, the escalation in the Middle East reached a new level with Israel’s operation in Lebanon and Iran’s missile attack on Israel, creating a perfect storm for both gold and silver.