What You Need to Know as We Head Towards the Close of trading Week!

by Mark O’Brien, Senior Broker

At-a-Glance Levels

Instrument	S2	S1	Pivot	R1	R2
Gold (GC) — Feb(#GC)	4309.80	4341.80	4362.70	4394.70	4415.60
Silver (SI) — Mar. (#SI)	62.40	64.54	65.86	67.99	69.31
Crude Oil (CL) — Jan (#CL)	54.54	55.54	56.08	57.08	57.62
Mar. Bonds (ZB) — Mar (#ZB)	114 20/32	114 30/32	115 8/32	115 18/32	115 28/32

Important – CPI:

For stock index, metals and financials futures traders, keep an eye out for increased volatility around tomorrow’s release of the U.S. Bureau of Labor Statistics’ (BLS) Consumer Price Index (CPI). Day trading margins may be temporarily increased by your clearing firm. The report will be released at 7:30 A.M., Central Time.

The longest shutdown in history forced the BLS to cancel the release of October’s CPI report. It is unclear what components of the October CPI will be available when the report for November is published tomorrow. Government workers did not make visits to supermarkets and stores to get the information needed to calculate the CPI and other price measures for October.

The employment and CPI reports are crucial for Federal Reserve officials making decisions on monetary policy as well as for investors, businesses and ordinary Americans trying to gauge the economy’s health. The BLS has said data for the household survey and October’s CPI cannot be collected retroactively.

Energies:

Crude oil futures prices fell to levels not seen since the start of 2021 as a widely expected supply glut picked up momentum. Yesterday, Feb. West Texas Intermediate (WTI) crude fell over 3% and traded briefly below $55/barrel. WTI crude futures are headed for yearly losses of more than 20%.

Metals:

Silver futures surged to new all-time highs today, climbing more than 3% and extending monthly gains to 15%. The front month March contract traded up ~$3.25/ounce today – a ~$16.250 per contract move – to an intraday high of $67.18/ounce – more than double in price from January. Strong industrial demand and expectations for additional rate cuts next year boosted trader interest.

Feb. gold futures also surged ~$37/ounce higher today to near $4,370/ounce setting the stage for its second highest closing price, under its Oct. 20 all-time high closing at $4,394.60/ounce.

March Wheat – Corn Spread

The March Wheat – Corn Spread resumed its break into new lows. At this point, the chart is taking aim at its low percentage fourth downside PriceCount objective to the 48 area. This target is consistent with the longer-term weekly chart support level near 50.

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.

Daily Levels for Dec. 18th, 2025

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