our site has disappeared from the targeted keywords overnight

It might be due to the Google algorithm updates. Just wait for some time and if needed check out the external backlinks of your site.
 
A Google update likely caused your rankings to drop, favoring aggressive parasite SEO tactics. To recover, enhance content relevance, diversify backlinks, and monitor algorithm changes
 
Had the same issue, it was because of inactivity of the site of about 2 weeks
 
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