Silver

Key insight

65.60 clears prior multi-year resistance near $65 — sustained close above flips it to support and opens a run toward $68.50 (2025 swing high). Gold at $4,390 keeps the ratio supportive; watch USD/JPY at 159 for dollar headwinds.

65.60 holds above the key $65 round number; gold/silver ratio compressing as silver outperforms gold (+1.3% vs +0.3%), confirming industrial and monetary demand confluence.

Main risk

USD strength / real yield spike

Break above USD/JPY 160 would signal renewed dollar strength, pressuring XAG back below the $65 breakout level and invalidating the bull thesis.