Silver - Still Long - Rally resumes after pullback

On our analysis on the 19.07 we indicated that we were long Silver but expected a pullback towards $16. This effectively happened as Silver dropped from $16.3 to close to $16 before resuming it's rally all the way up to $16.6. This is a critical level now for Silver and we are looking for it to consolidate at this level before rising towards the next Fibonacci level at around $17.3. We are particularly bullish the Silver because it has risen on the back of an increase in the value of the US dollar but the FED rate decision and subsequent comments by Powell on the 31st of July are crucial to future developments in the silver market.