What we just witnessed was not a breakdown of the gold and silver bull, but a classic volatility purge after a parabolic run.

The speed of the move points to forced positioning unwinds rather than a shift in fundamentals. Thin liquidity, leveraged longs being flushed, and investors monetising metal gains to cover losses elsewhere can easily produce air pockets of this size. A firmer dollar accelerated the move, but it does not explain it on its own.

Can upside momentum rebuild quickly?

Yes, provided price stabilises above key technical zones. For gold, holding the low $5,000s matters. For silver, defending the prior breakout region is critical. If forced selling is largely done, even modest buying can drive sharp rebounds in this liquidity environment.

Would I sell or add?

I would not chase strength, but I would not abandon the trade either. This is a market for scaling. Trimmed positions near extremes make sense. Gradual adds on stabilisation, not on falling knives, are more prudent than all-in bets.

Is the bull still here?

Structurally, yes. Central bank demand, geopolitical hedging, fiscal stress, and declining confidence in fiat discipline remain intact. However, the market has entered a phase where violent two-way swings are normal. The bull is alive, but it is no longer a smooth ride.

In short: long-term bullish, short-term fragile. Discipline matters more than conviction right now.