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XAG/USD Consolidates Gains

Silver rallies as risk appetite favours commodity markets. A break above the last leg of sell-off at 19.40 triggered momentum buying. This is a sign of a massive exodus from heavy selling. A close above 20.20 further put the short side under pressure. The RSI exhibits a bearish divergence, suggesting a slowdown in the impetus. Resistance could be expected in the supply zone (21.00) from a combination of profit-taking and fresh selling. 19.90 is the immediate support and 19.30 a second layer in case of a deeper pullback.

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