Silver

Silver has staged a powerful recovery from its February low near $55, and with markets pricing an ~80% probability of a Fed rate hike in September now priced in, any dovish Fed surprise at this week's FOMC could be the catalyst to break $60 cleanly and run toward the $65 measured-move target.

Silver is surging +2.11% today to $59.40, pressing against the key $60.00 psychological resistance and the July swing high, with gold confirming the precious-metals bid at a record $4,093 and the USD softening broadly.

Main Risk

Fed September rate-hike re-pricing + higher-for-longer USD

Markets are currently pricing ~80% odds of a Fed rate hike in September; a hawkish Fed statement this week that reinforces this could spike the DXY back above 104, weighing on silver and capping the rally below $60.