Higher Volatility in Metals, Energies and Stock Indices

By Ilan Levy-Mayer, VP

At-a-Glance Levels

Instrument	S2	S1	Pivot	R1	R2
Gold (GC) — April (#GC)	4893.63	5162.07	5394.43	5662.87	5895.23
Silver (SI) — Mar. (#SI)	99.83	108.22	155.00	123.40	130.18
Crude Oil (CL) — Mar. (#CL)	61.86	63.63	65.06	66.83	68.26
Mar. Bonds (ZB) — Mar. (#ZB)	114 9/32	114 22/32	115	115 13/32	115 23/32

The metals markets delivered another jolt today, with silver swinging more than $75,000 per contract in just 90 minutes (see intraday chart below!) a reminder of how extreme volatility has become across the board.

Gold

gold

Gold followed with outsized ranges of its own, while equity index futures continue to show elevated intraday volatility as we approach month‑end and T‑1 settlement flows. Add in renewed geopolitical tension between Iran and the U.S., and energy markets are pricing in risk premiums that can shift in minutes, not hours.

Volatility

In an environment like this, opportunity is real—but so is the danger. Traders must prioritize the risk side of the equation, from position sizing to stop discipline to understanding how quickly leveraged products can move.

Day trading margins vary among clearing firms / FCM’s. If needed, contact your Cannon Trading Co. broker for specifics.

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March Crude Oil

March crude oil is satisfying the second upside PriceCount objective. It would be normal to get a near term reaction around this level in the form of a consolidation or corrective trade. From here, IF the chart can sustain further gains the third count would project a possible run to the 67.88 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.

Daily Levels for January 30th, 2026

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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.