Will silver visit the 17.00 level?

The price of silver has been rallying during the last three days as shown on the daily chart, since it made a low at the 16.34 level. The rally on silver coincides with the comeback that gold has been making lately. Those two precious metals, gold and silver, have a positive correlation. However, we must keep in mind that the bearish term in the short term is still in place and silver may try to go back down. In case of silver going back down, the low at the 16.34 level may act once again as support, but a more relevant support could be the 16.00 round number level where it made its latest low to start climbing. To the upside, the 17.00 level may act as resistance, but we are still waiting to see if the price of silver does get there during next week’s trading sessions. Above the 17.00 level, its next important resistance is at the 200 day EMA on the 17.30 level, followed by the high that it made on the 17.74 level.