Silver

Key insight

$65.35 clears the prior 2026 cycle high at $63.50; next measured resistance at $67.00 (round number / 2025 swing high). Gold at $4,361 (+2.3%) and falling USD (EUR/USD 1.1486) provide dual tailwinds. Failure to hold $63.50 flips bullish thesis.

+3.76% surge to $65.35 confirms breakout above the 2026 range high near $63.50, with Gold/Silver ratio compressing as XAG outperforms XAU's +2.3% — industrial and monetary demand converging.

Main risk

Crude Oil demand signal reversal

Oil -2.1% to $96.10 signals growth concerns; a sustained industrial slowdown would cut fabrication demand and pressure XAG toward $61.00 support.