• Silver remains under some selling pressure for the second straight day, albeit lacks follow-through.
• The technical setup favors bearish traders and supports prospects for a further depreciating move.
• Any meaningful move up is likely to attract fresh sellers and remain capped near the 100-day SMA.

Silver (XAG/USD) drifts lower for the second straight day on Monday and trades below mid-$27.00s during the Asian session. The white metal, however, remains confined in a broader range held over the past week or so and seems vulnerable to prolonging the recent downward trajectory witnessed over the past month or so.

From a technical perspective, Friday's failure near the 23.6% Fibonacci retracement level of the July-August downfall and some follow-through selling validates the near-term negative outlook for the XAG/USD. Moreover, oscillators on the daily chart are holding deep in negative territory and are still away from being in the oversold zone. Hence, a subsequent slide below the $27.00 mark, towards retesting the multi-month low near the $26.50-$26.45 area touched last week, looks like a distinct possibility.

A convincing break below the latter will be seen as a fresh trigger for bearish traders and drag the XAG/USD further towards the May monthly swing low, around the $26.00 mark. The white metal could extend the descending trend and eventually drop to intermediate support near the $25.60 horizontal zone en route to the $25.00 psychological mark