Silver

Key insight

$61.02 sits just below the key $62.50 resistance — a close above flips momentum bullish and opens $65+. Gold's record run historically pulls silver higher with a lag; ratio compression is the trade.

Holds $61 with Gold at record $4,203 — Gold/Silver ratio still elevated above 68, signalling silver has room to catch up. Industrial demand tailwinds and a soft USD (EUR/USD 1.1362) underpin the bid.

Main risk

USD/JPY reversal compressing metals

USD/JPY at 156.9 (-0.3%) — yen strength could trigger broad metals liquidation; break below $59.50 confirms selling pressure.