Gold & Silver at All Time Highs – Again!

By Mark O’Brien, Senior Broker

At-a-Glance Levels

Instrument	S2	S1	Pivot	R1	R2
Gold (GC) — Feb(#GC)	4716.60	4820.00	4876.10	4979.50	5035.60
Silver (SI) — Mar. (#SI)	88.50	92.38	94.56	98.43	100.61
Crude Oil (CL) — Feb (#CL)	57.87	58.64	59.73	60.50	61.59
Mar. Bonds (ZB) — Mar (#ZB)	114 13/32	114 26/32	115 2/32	115 15/32	115 23/32

Gold & Silver hit All Time Highs – Again!

Albeit only three weeks into 2026, it’s the commodity futures story of the year – and this blog’s broken record update: gold, silver and platinum are all trading at all-time highs today. As of this typing, Feb. gold is trading up over $90 per ounce (a $9,000 per contract move) and trading over $4,900 per ounce. March silver is trading up nearly $3.75 per ounce (a $18,750 per contract move) and trading near $96 per ounce.

April platinum is trading up over $125 per ounce (a $6,250 per contract move) and is trading over $2,600 per ounce.

Matthew Weller of Investing.com painted this picture: “Between wartime-level fiscal deficits across the developed world, persistently above-target inflation, the independence of the Federal Reserve under fire, and the global geopolitical drama (Venezuela, Greenland, China, etc.), the fundamental case for precious metals has arguably never been stronger.”

Gold & Silver

Traders are no doubt eyeing $5,000 gold and $100 silver, but it’s always crucial to heed the current extreme volatility in these markets, which is unlikely to decrease any time soon. Consider your risk appetite and your trading account’s risk parameters before trading in all markets, but precious metals in particular in the present climate.

To recap, the CME Group raised margins on a number of precious metals futures contracts. Below are the new margins for the main precious metals futures contracts.

contact your Cannon Trading Co. broker for specifics.

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Weekly Natural Gas

The weekly chart of natural gas has resumed its rally into a new high. If it can sustain further strength, the third upside PriceCount objective projects a possible run to the 7.26 area.

FREE TRIAL AVAILABLE

The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved.

It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk.

Learn more at www.qtchartoftheday.com

Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.

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Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.