Supply constraints continue to work in favor of the metal, keeping it firmly in rally mode. Even with exchanges tightening margin rules—a typical move to cool down overheated positions—the metal's still sitting pretty with a 33% monthly gain locked in. The underlying shortage hasn't let up, which is providing solid fundamental support beneath the price action. When you've got constrained supply meeting steady demand, exchanges can raise guardrails all they want, but the structural setup remains supportive. It's one of those situations where the technicals and fundamentals are actually pointing the same direction.