XAGUSD midweek: silver down $3.21 as US CPI looms, 2026-06-08
Where XAGUSD stands midweek
Silver closed Tuesday at $64.848 and opened Wednesday at $64.849, down $3.21 or 4.7% from Monday's $68.154 open. The metal printed a week high of $68.992 on Tuesday before plunging to a low of $63.404 earlier today.
What has driven price so far
The sharp reversal from Tuesday's $68.99 high came as China set a stronger-than-expected dollar fixing, according to headlines from early Tuesday. This pressured precious metals across the board, with silver taking the brunt of the selling after testing the $69 resistance area.
What's still ahead
Thursday brings US CPI data at 12:30 GMT, with headline inflation forecast to accelerate to 4.2% yearly from 3.8% previously. If CPI prints hot and silver holds below $65, the $63.40 low becomes vulnerable. If inflation surprises lower, resistance sits at Tuesday's $68.99 high. The ECB rate decision Thursday and UK GDP data Friday round out a packed calendar.
Positioning right now
LHFX client positioning shows 62.6% of traders are long silver versus 37.4% short as of Wednesday morning. This long skew suggests retail remains bullish despite the sharp Tuesday selloff, potentially leaving room for further downside if support breaks.
The level that matters today
Silver is consolidating between Wednesday's $63.404 low and the psychological $65 level after bouncing to $65.059 in early European trading. If $65 caps rallies ahead of tomorrow's CPI, the $63.40 low comes back into focus. A clean break above $65 would target the $66.13 Monday low as initial resistance. Trade silver CFDs with LHFX as volatility picks up into Thursday's inflation data.
Byline: LHFX Research
Risk disclaimer. CFD trading involves substantial risk and is not suitable for every investor. Leverage works both ways and can amplify losses beyond your initial deposit. The analysis above is general market commentary and does not constitute investment advice or a recommendation to buy or sell any instrument. LHFX is regulated by the FSC Mauritius and the FSCA in South Africa.