At the end of the Asian market on Monday, spot silver maintained its intraday decline, with the current silver price near $29.10 per ounce. Economies.com, a well-known financial news website, has published its latest analysis of the silver market.

According to Economies.com, the silver price has confirmed its break below the important level of $29.30 per ounce, paving the way for further decline.

(Screenshot source: Economies.com)

Economies.com wrote in the article that the silver price closed below $29.30 per ounce last Friday, supporting expectations of more bearish adjustments in the intraday and short term. The next target for silver is $28.55 per ounce. If it falls below this level, it will push the silver price further down to $27.62 per ounce.

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

Economies.com said that the stochastic indicator began to lose positive momentum, supporting expectations of further decline in silver prices. It should be pointed out that if the silver price breaks through $30.06 per ounce, it will stop the bearish trend and lead the silver price to try to return to the major bullish trend.

Economies.com expects that today's silver price trading will be between the support level of $28.70 per ounce and the resistance level of $29.50 per ounce.

Economies.com said that today's expected trend for the silver price is bearish.

At 13:16 Beijing time, spot silver reported $29.10 per ounce.