Spot silver fluctuated around $69 during Monday's Asian trading session, switching between slight gains and minor pullbacks, but remaining in recent highs overall. Last week, silver successfully broke through the $66.65-$66.70 resistance level and further climbed above the 38.2% Fibonacci retracement level of the previous decline, significantly improving bullish sentiment. Currently, the price is just a step away from the psychological level of $70, which is also near the two-month high reached last Friday. Whether it can effectively break through this level will be a key point to watch in the short term. The recent strength in silver prices primarily benefits from improved risk appetite in the precious metals market. The continued weakness of the US dollar has reduced the cost of purchasing dollar-denominated silver for overseas investors. Simultaneously, the strong prices of other precious metals, such as gold, have also driven capital flows into silver. Compared to gold, silver possesses attributes of both a precious metal and an industrial metal. Therefore, when the market simultaneously trades on expectations of currency depreciation, safe-haven demand, and expectations of improved global economic activity, silver often exhibits greater price elasticity. From a market rhythm perspective, this recent rise in silver prices is not simply a short-term surge, but rather built upon the breakthrough of a significant previous technical resistance level. The $66.65-$66.70 range previously constituted a clear supply zone; after the price broke through, this area began to transform from resistance into potential support. This shift in the role of a key position is crucial for determining the sustainability of the current silver price increase. The future trend of silver will also be influenced by changes in the US dollar and the US interest rate market. If the US dollar continues to weaken while US Treasury yields decline, the opportunity cost of holding precious metals decreases, potentially providing further support for silver. Conversely, if US economic data shows renewed resilience, and the market increases its expectations that the Federal Reserve will maintain high interest rates or even further tighten policies, a rebound in the dollar and real interest rates could put downward pressure on silver. From the demand side, silver differs from gold in that its price is also influenced by expectations of industrial demand. Changes in global manufacturing activity, the electronics industry, and new energy-related sectors will affect the market's assessment of the medium- to long-term supply-demand gap. If global economic growth expectations improve, silver may receive dual support from both its financial and industrial attributes; if economic growth slows significantly, concerns about industrial demand may limit the sustainability of silver's rise. Therefore, the current silver market is exhibiting a typical "strong breakout followed by high-level confirmation" phase. The validity of the breakout near $70 needs close observation. If the price can break through and stabilize above $70, trend-following funds may further enter the market, pushing the price towards higher Fibonacci target areas; if multiple attempts to break through $70 fail, profit-taking and a retest of the previous breakout area cannot be ruled out. From a daily technical perspective, silver has broken through the key resistance level of $66.65-$66.70, and the overall trend has turned bullish. The market is currently focused on the $70 psychological level. A decisive break above this level would target the 50% Fibonacci retracement level around $71.95; a further break above this level would target the 61.8% retracement level around $76.08. A significant support zone exists between $66.70 and $67.80, with $67.81 being the previous 38.2% Fibonacci retracement level. As long as the price remains above this area, the daily bullish structure remains intact. On the 4-hour chart, silver prices are holding above the 200-period moving average, the MACD is still in positive territory, and the RSI is around 66, indicating that buyers still hold the upper hand in the short term, but the upward momentum has shown signs of slowing. If the price breaks above $70 and stabilizes, it could potentially move towards $71.95; however, if significant selling pressure appears around $70, a short-term pullback to around $67.80 is possible. If $67.80 is breached, the downside could extend to around $62.70, with further downside targeting the 200-period moving average around $60.90. Overall, in the short term, confirmation of support levels after pullbacks should be key to determining the continuation of the bullish trend. Editor's Summary : Overall, after breaking through the key resistance level of $66.65-$66.70, silver's bullish structure has been significantly strengthened. A weak dollar and the overall strength of precious metals continue to provide upward momentum. $70 is currently the most important psychological and technical level. If it is effectively broken and held, silver is expected to further test $71.95 or even $76.08. However, the RSI rising to around 66 indicates that short-term momentum is already in a relatively strong zone, and the risk of profit-taking after a surge should not be ignored. Going forward, the market should focus on the dollar, US Treasury yields, the correlation between precious metals and industrial demand expectations. As long as the support around $67.80 remains effective, the short-to-medium-term upward structure of silver remains unchanged.