On Tuesday (June 11th), during the Asian markets, silver spot suddenly faced fierce selling, and the price is now near $29.15/ounce, falling nearly 2% within the day. Famous financial news website Economies.com wrote an article on Tuesday with a forward-looking analysis of the silver trend.

According to Economies.com, as long as the silver price remains below $29.30/ounce, the outlook remains bearish.

(Silver spot 30-minute chart Source: 24K99)

Silver spot rose by about 2% on Monday's close, at $29.73/ounce.

Economies.com wrote in the article that silver prices hit the roof at $29.85/ounce, and then fell sharply. The price has now fallen below $29.30/ounce and is trying to maintain below this level, thus stopping the bullish situation during the day. Silver prices are expected to return to the downward correction path, with the first target testing at $28.55/ounce.

(Spot silver 4-hour chart Source: Economies.com)

Economies.com stated that it needs to be pointed out that if the silver price falls below $28.55/ounce, this will push the silver price to further fall to $27.62/ounce. The stochastic indicator provides a negative signal, which supports the expected bearish trend of the silver price. As long as the silver price remains below $29.30/ounce, the bearish expectations will remain valid.

Economies.com predicts that today's silver price trading will be between the support level of $28.60/ounce and the resistance level of $29.55/ounce.

Economies.com said that the expected trend for silver prices is bearish.

At 13:27 Beijing time, the silver spot is reported at $29.17/ounce.