Silver prices fall over new Fed Chairman concerns

London (Nov 3)  On the daily chart, prices are making Lower top Lower bottom pattern and are also trading below 60 SMA, which is a negative sign for the prices. RSI is also below 60 levels, indicating low momentum in prices.

 If price is not able to sustain above the 60 days SMA then correction is expected and it could drift towards 38,800 levels which is a very important support level for Silver, else range trading is expected in it.

 All eyes are on Fed new Chairman at the moment. It is expected that he will be more hawkish in raising interest rates which will be again negative for the Bullions pack. Rallies can be used for selling by looking at the current scenario in the financial industry.

HFL