Silver $XAGUSD is showing strength after a pullback at the end of June and early July. Silver/U.S. Dollar(click to enlarge)Bullish Breakout:- First of all, the overall trend for the past couple of years can still be considered sideways.- However, we did see the 2019-low hold above the 2018-low, which gives us some indication that the market could be taking silver above the current 2019-high around $16.20. (higher low, higher high).- Note that price already broke above the previous correction pattern before entering another monthly long correction in late June/early July.- However, after this latest correction, price held mostly above $15, which is a good sign for the bullish scenario.- Note that price stayed above a key support/resistance pivot as well as the cluster of moving averages.- The RSI also held above 40. - Finally, price action started the week strong, breaking above the month-long correction pattern.- I think there is upside first to the $15.50-$15.60 area, and then the $16-$16.20 highs on the year.- I also think that the market will eventually push higher towards the $17 area. However, I can see some strong resistance first around $16-$16.20, because this support/resistance pivot is also going to be around the 200-week simple moving average. Silver/U.S. Dollar(click to enlarge)