Silver

Key insight

66.09 consolidates near multi-year highs — break above 67.50 prior swing resistance opens a run toward 70.00; failure at 65.00 flips near-term structure bearish and targets 62.50.

66.09 holds above the 65.00 round-number floor; Gold/Silver ratio compression and USD weakness (EUR/USD 1.1471) favour continued XAG outperformance vs gold at 4,344.

Main risk

USD/JPY reversal compressing metals

157.5 USD/JPY signals yen still weak; a sharp reversal toward 150 would spike real rates and pressure XAG through 65.00 support.