On Tuesday (August 6), during the closing of the Asian market, spot silver, which fell by more than 4% yesterday, remained basically stable, and the current silver price is around $27.20 per ounce. Economies.com, a well-known financial news website, has published a latest article on Tuesday to analyze the trend of silver.

According to Economies.com, after the sharp drop in silver prices yesterday, the first bearish target of $27.00 per ounce was successfully achieved. Unless the silver price breaks through $27.62 per ounce, the outlook remains bearish.

(Screenshot source: Economies.com)

Spot silver plunged 4.55% at the close on Monday, reporting at $27.23 per ounce, and the silver price fell to the lowest of $26.49 per ounce during the session.

Economies.com wrote in the article that the price of silver successfully reached our long-awaited bearish target of $27.00 per ounce. The silver price then rebounded to test the key resistance level of $27.62 per ounce. We are waiting for the silver price to resume its bearish trend and fall to the previous low of $26.12 per ounce.

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

Therefore, we will continue to predict that the silver price will be in a bearish trend in the coming period. It should be pointed out that if the silver price breaks through $27.62 per ounce, this will stop the bearish scenario and lead to further rise of the silver price to $28.55 per ounce.

Economies.com expects that the trading of silver prices today will be between the support level of $26.50 per ounce and the resistance level of $27.60 per ounce.

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

At 13:15 Beijing time, the spot silver reported $27.22 per ounce.