On Thursday (June 13th) in the Asian session, spot silver maintained its intraday decline, and the silver price is currently around $29.15 an ounce, with a nearly 2% drop during the day. Economies.com, a well-known financial news website, has written the latest analysis on the trend of silver on Thursday.

According to Economies.com, the silver price has fallen below the important $29.30 per ounce, which has opened up space for the silver price to continue to fall.

Spot silver rose 1.5% to close at $29.70 an ounce on Wednesday.

Economies.com wrote in the article that the silver price showed a clear upward trend yesterday, testing $30.06 per ounce at one time. This level formed a strong resistance and forced the silver price to fall back again. It is worth noting that the silver price showed a strong downward trend after the start of today's trading, falling below $29.30 per ounce, which still validates the overall bearish scenario for some time to come. The first target of the silver price is to test $28.55 per ounce. Once it falls below this level, the silver price is expected to continue to fall to $27.65 per ounce.

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

Therefore, we are waiting for the silver price to continue to drop in the next few trading sessions. As long as the silver price stays below $29.30 per ounce, especially below $30.06 per ounce, the bearish expectation will still be valid.

Economies.com predicts that today's silver price trading will be between the support level of $28.60 per ounce and the resistance level of $29.50 per ounce.

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

At 13:52 Beijing time, spot silver was quoted at $29.15 per ounce.