First, let's take a look at the daily chart of silver since it suffered its worst day in 6 months falling over 2.5%. Silver had been consolidating for the past two weeks in a fairly tight range. Today, it resolved to the downside on significant volume finding support at its 200 dma. MACD and RSI look pretty ugly so I would expect continued weakness in the short term. If the 200 dma doesn't hold, then look to its 50 dma to provide support in the $20.25 neighborhood.
From a longer-term perspective, nothing really changes with today's sell-off. Above is the 3-year weekly chart of silver that I posted a couple days ago. As long as silver stays above that down-trending blue line, silver bulls can be confident that the new uptrend is still in place. Silver's RSI is sitting right on the 50-line (upper panel) so it will be interesting to see if that now acts as support whereas it had been resistance for the prior year-and-a-half.
Oddly, for the shellacking that silver took today, gold really held its own dropping only $10, or less than 1%. Gold, too, found support at its 200 dma on decent volume, but nothing out of the ordinary. Just like silver, its MACD and RSI continue to be fall which portends further short-term price weakness. If gold loses its 200 dma, then it should find significant support at $1280 as denoted by the dashed green line. There is A LOT of congestion between $1280 and $1320 so it's going to take some serious conviction to break out of that range ) in either direction. So, based on the above, I would expect gold to trade sideways or down for the next week or two.
Lastly, here's a look at the same weekly gold chart I analyzed yesterday in the post titled "Textbook Bottoming Formation in Gold." The good news for the gold bulls is that nothing has changed based on today's sell-off. Yes, it closed slightly below it's 50 week moving average, but volume this week has been "meh" at best and the RSI and MACD still look solid. Look for $1250 to provide support on further weakness.