Silver

Key insight

66.55 consolidates after a historic run; break above 68.50 prior swing high opens 72.00. Gold/silver ratio near 66.7x favours silver outperformance if risk appetite holds at current equity ATH levels.

66.55 holds above the key 65.00 round-number support — gold at 4,437 keeps the XAU/XAG ratio compressed, validating silver's industrial-monetary dual demand at multi-year highs.

Main risk

USD/JPY at 159.8 — yen carry unwind

Sharp yen rebound could trigger mass carry unwind, driving silver below 63.00 support as leveraged longs exit across metals.