Silver

Key insight

$64.55 sits just above the 50-day MA near $63.80 — a close below that flips intermediate trend bearish and opens the $61.50 Fibonacci 38.2% retrace. Oil's 4% surge today has not lifted silver, confirming risk-off rotation rather than commodity bulls running.

Drop of 4.05% to $64.55 breaks the $65.00 round-number support on heavy selling; gold/silver ratio expanding as gold falls only 1.2%, signalling silver's industrial beta is working against it today.

Main risk

Dollar rebound + equity risk-off

USD/JPY at 154.2 and broad equity weakness (-0.5% to -1.3%) drain both industrial and safe-haven demand simultaneously — rare double-headwind for silver.