Silver is pressured to the downside

Silver falls during two sessions in a row after reaching a high around the 17.44 level as shown on the daily chart. The drop on silver coincides with the drop on gold after the rally on the Dollar and a rise of risk appetite. Precious metals are often used as safe haven instruments and that is why they rise on risk aversion and fall on risk appetite. Silver made a high on the 18.19 level after a very good rally, but recently it has been oscillating around the 200 day EMA. Today the price of silver falls below the 200 day EMA and below the 17.00 level. However, the 17.00 zone may act as support and silver may bounce to the 17.44 level. A breakout above the 17.44 level could take silver back to the peak at the 18.19 level. On the other hand, if silver breaks below the 17.00 level, its most relevant support could be the 16.29 level followed by the 16.00 level.