On Thursday, July 25th, during the Asian trading session, spot silver experienced a sharp decline. Currently, the silver price has fallen to $27.88/ounce, with a drastic drop of 3.5% within a day. Economies.com, a well-known financial news website, published a latest article on Thursday with a forward-looking analysis of the trend for silver.

(Silver spot 30-minute chart Source: 24K99)

According to Economies.com, the silver price has fallen below the first bearish target of $28.55 per ounce, and the technical aspect indicates that the silver price will further decline.

Previously, spot silver closed down 1.2% on Wednesday, at $28.88 per ounce.

(Screenshot source: Economies.com)

In the article, Economies.com writes that the strong fall of silver price has broken the level of $28.55 per ounce, opening the way for silver price to fall to the second target price of $27.62 per ounce. It should be noted that if silver continues to face bearish pressure, this will cause the silver price to further fall to $27.00 per ounce, or even possibly extend to $26.12 per ounce.

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

According to Economies.com, looking at the 4-hour chart of silver, the 50-period moving average line (EMA) forms bearish pressure, which supports the expectation that the silver price will continue to fall. It should be pointed out that if the silver price breaks through $28.55 per ounce and $29.30 per ounce, this will stop the current bearish pressure and lead to a bullish trend.

Economies.com expects that today's silver trading will be located between the support level of $27.35 per ounce and the resistance level of $28.30 per ounce.

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

At 13:48 Beijing Time, spot silver was reported to be trading at $27.88 per ounce.