On Friday (July 26), during the Asian market session, spot silver maintained its intraday decline after yesterday's sharp drop, with the current silver price near 27.70 USD/oz. Economies.com, a well-known financial news website, published a forward-looking analysis of the trend of silver on Friday.

According to Economies.com, silver has reached its second target of 27.62 USD/oz. Technical support is driving silver prices further down in the future.

Spot silver fell sharply by 3.65% to close at 27.83 USD/oz on Thursday. During the Asian market session on Friday, the silver price fell to a low of 27.60 USD/oz.

(Screenshot source: Economies.com)

Economies.com wrote in the article that the silver price has successfully touched our second expected target of 27.62 USD/oz. It is worth noting that the stochastic indicator has clearly lost its positive momentum, which supports the further downward trend of silver prices, and breaks the expectation of the above level, thus opening the way for silver prices to continue to decline in the intraday and short term. Our target for silver prices next is 27.00 USD/oz, followed by 26.12 USD/oz.

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

According to Economies.com, on the four-hour chart of silver, the 50-period index moving average (EMA) forms a bearish pressure, which supports the expected bearish trend of silver prices. As long as the silver price remains below 28.55 USD/oz, the bearish expectation will remain valid.

Economies.com expects that today's silver price trading will be between the support level of 27.40 USD/oz and the resistance level of 28.20 USD/oz.

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

At 12:56 Beijing time, spot silver was trading at 27.71 USD/oz.