Silver Is Stronger Than the Macro Backdrop SuggestsSilverOANDA:XAGUSDEvelyn_ReedSilver is testing old resistance near 66–67 after reclaiming the 62.7–63.2 area. What stands out to me is that the move is holding even though the macro backdrop is not perfectly supportive. Today silver slipped around 1% while gold remained firmer, as markets waited for U.S. inflation data and debated whether the Federal Reserve still has room to tighten. The fundamental story underneath silver is also more complicated than the price suggests. Industrial fabrication is expected to decline by about 2% this year, largely because the solar sector is using less silver per unit. Yet physical investment demand is forecast to rise 20%, and the market is still expected to record a sixth consecutive annual deficit of roughly 67 million ounces. So the current strength is not simply a story of booming industrial demand. It looks more like investors are willing to pay a monetary premium for silver while the physical market remains structurally tight. Technically, the 62.7–63.2 area now matters more than the recent spike. Holding above it would suggest that the breakout has been accepted. The 66.4–67.1 zone is the harder test because sellers have already appeared there before. For now, I would treat the structure as constructive, but not fully confirmed. Silver has repaired support faster than it has cleared supply.