Silver has been noticeably weaker than gold these last couple months. The daily chart above shows silver in a clean declining channel since topping in early July. It recently attempted to break above the upper line of resistance, but couldn't muster enough strength to close outside of the channel. As such, it put in several bearish reversals recently which confirm silver's relative weakness. The MACD is struggling to cross over and the RSI continues to bump along the bottom line. Until this channel is violated to the upside, I would expect continued weakness.
From a weekly perspective, we can see silver making a series of lower highs over the past 15 months. After each mini peak, it has retreated back down to around $18.70 where it has found huge support. I would expect the pattern to continue to play out which would mean silver dropping another $0.50 or so from current prices. The MACD has just made a bearish cross and the RSI is deteriorating which further supports lower prices in the mid-term.
Fortunately for bulls, the long-term view of silver remains very positive. Once you strip out the noise of the daily whipsaws, a much different picture emerges. The indicators look pretty good with RSI sporting a slight uptrend and the MACD is oh-so close to completing that bullish cross. It's flattened out a bit recently which is a minor cause for concern, but since these indicators are so long-term in nature, it takes quite a bit to turn the ship. Price-wise, you can see how silver has been working its way into this wedge consolidation for the better part of two years. The lower support line, around $18.65/oz. is absolutely critical. If this level fails, we're going to see a tsunami of selling pressure as stop losses are triggered. How low could it go? It's hard to say so I'm not going to predict a specific price, but I will say that every technician and trader in this market has their eyes on the $18.65 level. In the meantime, expect this level to offer healthy support. We're going to see a resolution soon, so be patient.