Silver - Potential Pullback to Fibonnaci Support Level

Over the past week we have seen Silver rise around 7% to $16.3 helped by comments from New York Fed president John Williams that the FED needs to act quickly which were taken by the market as increasing the odds of a rate cut at the July 31st FOMC meeting. However, we expect a pullback as Silver is quite volatile and the RSI is at it's highest from January indicating it's overbought so we expect Silver to drop towards the $16 Fibonacci level before rising towards the mid June 2018 Fibonacci level at around $17.2.