On Tuesday (June 18), during the afternoon trading session in Asia, spot silver maintained a intraday decline and the silver price is currently around $29.35 per ounce. Famous financial information website Economies.com recently wrote an analysis of the silver trend.

According to Economies.com, the technical aspects of silver continue to send bearish signals, which opens up further room for silver price decline.

Spot silver closed down 0.28% on Monday at $29.45 per ounce; the lowest silver price during the day fell to $29.02 per ounce.

Economies.com wrote in the article that the silver price is currently above $29.30 per ounce. It is worth noting that from the 4-hour chart, the 50-period index moving average (EMA) has formed good bearish pressure on the silver price, and the stochastic indicator has clearly lost its positive momentum.

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

Therefore, these factors prompt us to continue to predict that the silver price will be in a bearish trend for a period of time, targeting the next bearish target of $28.55 per ounce. It should be pointed out that if the silver price breaks through $30.06 per ounce, this will stop the expected decline and cause the silver price to turn bullish.

Economies.com expects that today's silver price trading will be between the support level of $28.85 per ounce and the resistance level of $29.70 per ounce.

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

At 13:53 Beijing time, spot silver was reported at $29.37 per ounce.