Silver Further downside

Silver found it difficult to hold above the daily moving averages and was struggling since the beginning of September. It gave a breakdown to the multiple supports along with 40-DEMA last week. The near term outlook is bearish for the white metal, where the daily momentum indicator shows weakness being on the bearish end. The target on the downside is placed at $21.00 which is the 50% Fibonacci retracement mark of the previous rise. If the mentioned level is further breached then the next target is placed at $20.00. The level of $25.35, which is the 40-DEMA, will be the near term resistance for the white metal