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XAGUSD Intraday Analysis

|Includes: iShares Silver Trust ETF (SLV)

XAGUSD rallied from a low of 19.6205 on April 9th around 8:45 am, forming an upward trend channel. The recent intraday high of 20.4045 today at 8:15 am showed some signs of exhaustion in price momentum by overbought levels in the RSIs as well as the Commodity Channel Index. Bearish divergence in these price momentum indicators are also recognized. The breaking of the internal trend line also showed some signs of exhaustion. Initial support is seen at the 20 price level. If that support in broken, support is expected around the 19.95 price level.