From Inside Futures, Friday Aug. 15:
Silver Futures--- Silver futures in the December contract are under pressure this Friday afternoon in New York trading lower by $.25 trading at 19.65 hitting an 8 week low as I’ve been recommending a short position in silver placing your stop above the 10 day high which currently stands at 20.35 around $.70 or $3,500 risk per contract at today’s price level as the commodity markets remain bearish as the U.S dollar hit a 6 month high against the Euro currency this week pushing commodities even lower.September-$19.400 last, down 23.5cents.
In my opinion I do believe that the U.S dollar will continue higher against the Euro currency due to all the problems in Europe and the Ukraine and I don’t think those problems are going away anytime soon so continue to look at for higher prices in the U.S dollar which could pressure the precious metals especially silver prices as the next level of major support is around $19 an ounce. Silver futures are trading below their 20 and 100 day moving average telling you that the trend is lower as the chart structure is outstanding at the current time so continue to play this to the downside and sell any rallies making sure that you place the proper stop loss risking 2% of the account value on any given trade. TREND: LOWER –CHART STRUCTURE: EXCELLENT
Here's the action over the last couple weeks from FinViz:
