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. Silver price 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.
Market commentator Bull Theory shared the scale of the selloff on X. The post noted that roughly $1 trillion disappeared from the combined value of stocks, precious metals, and crypto within 30 minutes of the announcement.
🚨 Massive selloff in the market.
— Bull Theory (@BullTheoryio) July 7, 2026
$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
Gold dumped -1.33%, wiping out $372 billion from its market cap.
Silver dumped -2.67%, wiping… pic.twitter.com/ekk603KBjn
Gold fell 1.33%, which erased about $372 billion from its market capitalization. Silver dropped 2.67%, removing roughly $85 billion in value. The Nasdaq declined 1.87% for a loss of about $486 billion, the S&P 500 slipped 0.46%, and the crypto market lost about $27 billion during the same period.
That broad decline shows the move was not unique to silver. Nearly every major risk asset came under pressure as investors adjusted to the geopolitical news.
What you'll learn 👉
Elliott Wave Analysis Points to One More Silver Price Correction
Despite the recent weakness, Hamza from ElliottWavesHub believes the current decline fits within a much larger bullish picture.
Hamza recently wrote:
“$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.”
That message follows an earlier market outlook where Hamza argued that silver had entered 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.
The attached Elliott Wave chart supports that view. It outlines a large Wave 4 correction that could continue pushing the silver price lower before the longer term uptrend resumes.
The chart suggests silver could decline toward $40, and an even deeper correction toward $30 remains possible if selling pressure continues. Hamza’s outlook also includes an important invalidation level. A move below $29 would break the current Elliott Wave structure and force a reassessment of the bullish roadmap.
That makes the current decline an important phase of the cycle instead of a signal that the entire bull market has ended.
Silver Price Has Already Fallen Sharply From Its Peak
A look at our silver chart shows the correction has already erased a large portion of the previous rally.
Silver price reached an all time high slightly above $121 before sellers gradually took control of the market. The metal now trades around $58, which means nearly half of that advance has already disappeared.
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.
Current price action shows sellers still have control for now. Buyers will likely look for stronger support before attempting another sustained recovery.
Key Support Levels Could Decide the Next Silver Price Move
Our chart identifies $48 as the next major support area for the silver price.
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.
Failure to hold $48 would expose the next important support near $33. 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.
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.
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