Silver Price Analysis: Mildly offered between previous support and 78.6% Fibo.

• Silver prints seven-day downtrend, remains pressured around three-week low.
• 78.6% Fibonacci retracement level tests bears targeting monthly low, 50-DMA adds to the upside filters.
• The sluggish Momentum line hints at further grinding at the multi-day bottom.

Silver (XAG/USD) remains on the back foot around $22.40, down 0.10% intraday during Monday’s Asian session.

In doing so, the bright metal remains pressured near the monthly low while staying between the previous support line from December 15 and the 78.6% Fibonacci retracement (Fibo.) of September-November upside.

It should be noted, however, that the downbeat Momentum and sustained trading below 50-DMA keep bears hopeful to refresh the monthly low, currently around $21.95.

Following that, the double bottoms marked in 2021 surrounding $21.42 will be crucial to watch.

Meanwhile, corrective pullback needs to cross the aforementioned support-turned-resistance line near $22.50 to aim for the 50-DMA level of $22.85.

During the XAG/USD upside past $2.85, the $23.00 threshold will test the buyers before directing them to the 50% Fibo. level near $23.41.

Silver: Daily chart

Trend: Further weakness expected