24K99 News On Monday (June 24th) in the Asian market's closing, physical silver basically stabilized after a nearly 4% plunge in the previous trading day, with the silver price currently around $29.60 per ounce. Well-known financial news website, Economies.com, published a new article on Monday, providing an outlook analysis on the silver price trend.
According to Economies.com, the silver price has confirmed to have fallen below the key level of $30.06 per ounce, which paves the way for further decline.
Physical silver plummeted 3.88% at the close on Friday to $29.53 per ounce.
Economies.com wrote in the article that the silver price had faced strong bearish pressure in the previous few trading sessions, confirmed to have fallen below $30.06 per ounce, and the silver price had once approached $29.30 per ounce during Monday's trading. The silver price is expected to continue to fall in the next few trading days, with the next target aimed at $28.55 per ounce.
(Spot silver 4-hour chart Source: Economies.com)
Economies.com predicts that the silver price will tend to be bearish today. Once it falls below $28.55 per ounce, this will push the silver price further down to $27.65 per ounce. On the other hand, breaking through $30.06 per ounce will be the key factor for the silver price to start a new bullish trend and try to confirm the end of the current bearish correction.
Economies.com expects that today's silver price trading will be between the support level of $29.00 per ounce and the resistance level of $29.85 per ounce.
Economies.com said that today's expected trend for the silver price is bearish.
At 13:51 Beijing time, the physical silver price reported at $29.60 per ounce.