At the end of the Asian market on Friday, spot silver maintained a moderate rebound trend during the day, and the silver price is currently slightly below the $29.00/ounce mark. Economies.com, a well-known financial information website, wrote an analysis of the silver trend on Friday.

According to Economies.com, silver prices plummeted yesterday and approached the target price of $28.55/ounce. As long as the silver price remains below $29.30/ounce, the prospects will continue to be bearish.

(Screenshot source: Economies.com)

Spot silver plummeted 2.6% and closed at $28.94/ounce on Thursday, hitting a low of $28.65/ounce during the session.

Economies.com wrote in the article that the silver price dropped significantly yesterday and approached our target price of $28.55/ounce. After the start of trading today, the silver price showed some bullish tendency and is expected to test the key resistance level of $29.30/ounce. Currently waiting for the silver price to recover its bearish trend and fall below $28.55/ounce, thus opening the way for the silver price to fall to the next bearish target of $27.65/ounce.

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

Economies.com said that from the 4-hour chart of silver, the 50-period index moving average line (EMA) supports the expected bearish trend of silver. As long as the silver price remains below $29.30/ounce, and most importantly, below $30.06/ounce, the bearish expectation will still be valid.

Economies.com expects that today's silver price trading will be between the support level of $28.50/ounce and the resistance level of $29.40/ounce.

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

At 14:04 Beijing time, spot silver was reported at $28.98/ounce.