This is a stair-stepping downtrend in the precious metals.
Certainly can’t be because of the instability of the recent US election so probably because higher interest rates are coming but what does it matter? It is what it is.
Rather extreme drop today which may lead to a bounce but the pattern is obvious – break support, consolidate, break support, every lower and lower, going down until it doesn’t anymore.
(right click on chart to see larger image)