The price of silver has fallen to around $28.31, driven by worries about China’s weakening economy, a major global exporter of silver. Analysts have revised growth forecasts downwards, citing a slowdown in industrial demand due to China’s economic challenges. China’s Economic Data Reflects Weakness Recent economic indicators from China, such as the Services Purchasing Managers’ Index (PMI) dropping to 51.6 in August, below expectations, point to a sluggish services sector and overall economic recovery concerns. Forecasts for China’s GDP growth have been revised down for 2024 and 2025, indicating the potential for lower silver demand. Federal Reserve Rate Cut Speculation Could Support Silver Speculation about a potential Federal Reserve interest rate cut in the U.S. has emerged, which may offer some support for silver prices. Weaker economic data in the U.S. has increased expectations for monetary easing, potentially impacting the U.S. dollar and making silver more appealing. Short-Term Outlook and Technical Analysis Silver faces resistance around $28.40, with key support at $28.08 and further downside potential towards $27.78 and $27.44. Breaking above $28.40 could signal a bullish reversal, while failure to do so may lead to further declines. Overall, the silver market remains bearish below $28.40, awaiting potential shifts in sentiment.