The XAGUSD pair is currently forming a Bearish Daily Engulfing pattern within the sell zone. This pattern suggests a potential reversal in the market, with an expected downside fall towards the marked inverse Falling Volume Gap (FVG).
XAGUSDSILVER Precious Metals Gain as U.S. and China Exchange New Tariffs Silver surged past $32.5 per ounce in early March, fueled by a weaker dollar and safe-haven demand amid escalating trade tensions. The U.S. imposed tariffs on Canada, Mexico, and an additional 10% on Chinese goods, raising China's total tariff to 20%. In response, Canada levied a 25% tariff on $155 billion of U.S. imports, while China announced 10%-15% tariffs on U.S. goods starting March 10 and new export restrictions. Traders now await Friday’s U.S. nonfarm payrolls report for Fed policy signals.
If Silver breaks above $32.75, the next resistance levels are $33.15 and $33.80. On the downside, support is at $31.00, with further levels at $30.20 and $29.75 if selling pressure increases.
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SILVER XAGUSD Market Analysis: Bearish Daily Engulfing Pattern and Potential Downside
