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XAG/USD: silver prices are consolidating

OANDA:XAGUSD   Silver / U.S. Dollar
Current trend

Silver prices showed moderate growth at the trading last Friday, receiving support from weaker than expected data on the US labor market.

In addition, commodities were supported by another aggravation of trade relations between the US and China, after Donald Trump ordered to create a new list of Chinese goods to raise import duties worth USD 100 billion.

The weakest growth in the number of new jobs in the US over the past six months significantly reduced the expectations of those investors who were counting on increasing the rate of US monetary policy tightening. Moreover, some analysts believe that the pace may even decline.

Support and resistance

Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is actively narrowing, reflecting the emergence of mixed dynamics in recent days.

At the moment, the indicator does not contradict the further development of the "bullish" trend in the short and/or ultra-short term. Nevertheless, to open more long-term purchases, one should wait for the appearance of additional trading signals.

Resistance levels: 16.34, 16.44, 16.51, 16.60.

Support levels: 16.27, 16.20, 16.13, 16.09, 16.03.
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