On Thursday, trading another 1.5% weaker during the US session, changing hands at around 26.50 USD.On the other hand, gold is even weaker as the bullion dropped to 1,810 USD levels last seen on January 18.
Silver is trying to form a short-term bottom near 26.30 USD, which has held three or four times already during this week's plunge. It is also trying to rise above the short-term bearish trend line, leading to a relief rally.
However, if the price drops below 26.30 USD, a quick and steep decline toward 25 USD is expected. On the upside, a breakout above 26.60 USD might lead to a rally toward 27.00 USD.
The overall situation is not very positive as silver can't go up without gold, and nobody is buying any paper gold.