Silver

Key insight

66.85 trades at multi-year highs with gold at 4,445 anchoring the precious complex — break and hold above 68.50 (2026 swing resistance) opens a run toward 72.00; loss of 64.00 flips the structure bearish.

66.85 holds above the key 65.00 round-number support; gold/silver ratio compressing as silver outperforms gold (-0.2% vs +0.7%), signalling industrial and monetary demand confluence driving the metal higher.

Main risk

USD/JPY Reversal Risk at 159.90

USD/JPY at 159.90 — any sharp yen rally (safe-haven unwind) strengthens the dollar and pressures USD-denominated silver directly.