Silver

Key insight

69.21 trades in a high-altitude range with gold/silver ratio compressed; a close above 70.00 round-number resistance opens 73.50 — the 2026 swing high. Failure to hold 67.00 flips the short-term structure bearish.

69.21 holds above the 50-day MA near 66.50 with gold at 4,647 anchoring precious-metal bid; silver outperforms today +0.82% as oil drops 2.6%, signalling commodity rotation into monetary metals.

Main risk

USD/JPY at 159 — yen weakness ceiling

USD/JPY at 159.0 keeps dollar broadly firm; a DXY spike above 101 historically caps silver rallies and could force a flush to 65.00 support.