Silver's fate will be determined over the next few weeks by the events unfolding around China's stock market.
If their equity markets stabilize, and if it looks as if the worst is over, silver will stabilize as well. If not, then neither will silver.
The reason is simple - the further the stock market of China falls, the more concerns will grow about slowing global growth overall, but especially growth in China, which is the world's largest consumers of most raw materials and many commodities. Poor demand never bodes well for commodities, and silver is no exception.
Right now, silver is currently traveling in a DOWNWARD SLOPING PRICE CHANNEL.
The top of this channel happens to correspond closely with the band of horizontal support near 15.40-15.50. Before silver has any chance of doing anything to the upside, it will need to push through the top of the channel and this horizontal level and CLOSE ABOVE it.
If the bounce remains weak, as is currently the case, the metal could easily clip the top of the descending upper channel line before resuming another push lower to below $14.50 and possibly even $14.25.
I have said it many times, silver MUST HAVE AN INFLATIONARY ENVIRONMENT in which to thrive. It will not perform well in any sort of environment in which SLOW GROWTH concerns (deflation) dominate. And, it has NOTHING to do with some cockamamie "the price is only lower because it is manipulated by evil bullion banks" crap.
I suppose those same "evil, bullion banks" have also been pushing copper and platinum and palladium and crude oil and gasoline and heating oil and coffee, lower as well. Yes indeed, those bullion banks are certainly busy little bees manipulating the entire commodity complex lower now are they not?
And to think that some poor deluded souls actually pay people to regurgitate that sort of nonsense into their eyes and ears...