Silver

Key insight

$60.32 holds above key $58.50 breakout shelf — dip is corrective, not structural. Gold at $4,155 keeps the macro bid alive; a close back above $61.80 (prior session high) flips near-term momentum bullish.

Pullback to $60.32 (-1.87%) follows gold lower (-0.6%), but silver's structural bull trend off 2024 lows remains intact above the 200-day MA near $52. Gold/silver ratio compression favours silver on any risk-on tilt.

Main risk

USD strength & real yield spike

USD/JPY at 157.5 signals broad dollar firmness; a sustained real-yield move above 2.5% on 10-yr TIPS crushes silver's non-yielding appeal below $58.50.