On Tuesday (July 23), silver spot prices fell sharply in the Asian market, and the current silver price has fallen to 28.75 USD/oz, a 1.3% drop intraday. Economies.com, a well-known financial news website, provided a forward-looking analysis of the silver trend in its latest article.

According to Economies.com, the price of silver has lost its upward momentum, and the first bearish target is aimed at 28.55 USD/oz.

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

Economies.com wrote in the article that the silver price previously tested the first resistance level of 29.30 USD/oz and remained below this level. Currently, the silver price has started to decline and is waiting to test the first target of 28.55 USD/oz. A key factor in silver price falling to the next bearish target of 27.62 USD/oz will be breaking through this level. Economies.com stated that the stochastic indicator has clearly lost positive momentum, supporting the bearish expectations for silver in the next few trading periods. It should be noted that the premise of continuing the bearish trend in silver is for the silver price to remain below 29.30 USD/oz and 30.06 USD/oz.

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

Economies.com predicts that today's silver price trading will be between the support level of 28.50 USD/oz and resistance level of 29.35 USD/oz.

At 14:20 (Beijing time), the spot silver price was reported at 28.75 USD/oz.

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

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