Silver

Key insight

$67.70 holds above key Fib 61.8% retracement at $65.40 — dip driven by oil-led risk-off, not a structural break. Watch $70 round-number resistance; reclaim opens $74 2026 swing high.

Pullback to $67.70 (-1.8%) follows oil's -3.7% risk-off drop, but Gold/Silver ratio and the multi-year industrial demand trend keep the structural bull case intact above the 50-day MA near $65.

Main risk

USD strength / real yield spike

Break above 160 on USD/JPY signals dollar re-acceleration; XAG historically drops 3-5% per 2% real yield rise, risking a flush to $63 200-day MA.