Market Analysis
XAUUSD midweek: gold breaks above 4160, where we are 2026-08-03
Gold is up roughly 89 dollars from Monday's open, having cleared 4172.77 intraday as Hormuz deal hopes ease inflation fears.
2 min readSilver trades at 61.372 as of Wednesday's close, up from Monday's open of 58.273. That is a gain of roughly 3.10 dollars, or about 5.3 percent on the week so far. The high has been 61.587, printed Wednesday, and the low was 56.527 early Monday. XAGUSD has spent every session this week grinding higher off that Monday base.
The move sits against a softer yuan fix from the PBOC. The bank set its USD/CNY mid-point weaker than the Reuters estimate on Wednesday. A softer fix tends to lift dollar-priced metals, and silver has run with it, adding to Tuesday's push through 60.015 and extending the range on Wednesday.
The bundle carries no scheduled high-impact releases for the back half of this week, so price action leans on momentum and the daily PBOC fix rather than a single data print. Watch the next fix Thursday. If it lands weaker than estimate again and silver holds above 59.398, the upper band of this week's range stays in focus. If the fix comes in firmer than expected, the metal could give back part of the Wednesday extension.
As of Wednesday, 62.9 percent of positioning is long and 37.1 percent is short. That skew leans with the trend, and it tells you consensus is comfortable holding the upside midweek rather than fading the rally. A crowded long book also means any firm fix or sharp reversal can force quick unwinding.
This week's 61.587 high is the pivot right now, sitting just above Wednesday's 61.372 close. If silver holds near that high into Thursday, the range top stays the obvious reference point overhead. Lose 59.401, the Wednesday open, and the 59.37 area comes back into play. Silver has moved in step with Gold on the same softer-dollar theme, so watch that pair for confirmation. You can track both levels live on our platform when you open an account with LHFX.
Byline: LHFX Research
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