Silver

Key insight

64.66 breaks above the 63.50 multi-week resistance; next target is the 66.00 round number. Gold/silver ratio compression favours silver outperformance while USD weakens and equities hold all-time highs.

64.66 clears the 63.50 prior swing high — XAG/USD leads gold (+1.3% vs +0.5%), confirming industrial and monetary demand with USD/JPY sliding 1% to 157.3.

Main risk

Oil drop signals demand shock risk

Oil -2.5% to $92 — if driven by demand collapse, industrial silver demand outlook deteriorates; watch $90 crude as confirmation.