{"id":22640,"date":"2026-02-24T13:34:17","date_gmt":"2026-02-24T21:34:17","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=22640"},"modified":"2026-02-24T13:34:17","modified_gmt":"2026-02-24T21:34:17","slug":"silver-cot","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/silver-cot\/","title":{"rendered":"Silver COT PLUS: May Cotton, New Crypto Contracts, CannonEdge, Levels, Reports; Your 6 Important Can’t-Miss Need-To-Knows for Trading Futures on February 25th, 2026"},"content":{"rendered":"\n\n\n
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Silver COT<\/h1>\n

By John Thorpe, Senior Broker<\/em><\/h4>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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At-a-Glance Levels<\/h1>\n
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Instrument<\/th>\nS2<\/th>\nS1<\/th>\nPivot<\/th>\nR1<\/th>\nR2<\/th>\n<\/th>\n<\/th>\n<\/tr>\n<\/thead>\n
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Gold (GC)<\/strong><\/h2>\n

\u2014 April (#GC)<\/td>\n

5025.40<\/td>\n5101.20<\/td>\n5185.30<\/td>\n5261.10<\/td>\n5345.20<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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Silver (SI)<\/strong><\/h2>\n

\u2014 Mar. (#SI)<\/td>\n

82.71<\/td>\n84.96<\/td>\n86.86<\/td>\n89.11<\/td>\n91.00<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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Crude Oil (CL)<\/strong><\/h2>\n

\u2014 April. (#CL)<\/td>\n

64.70<\/td>\n65.46<\/td>\n66.30<\/td>\n67.06<\/td>\n67.90<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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\u00a0Mar. Bonds (ZB)<\/strong><\/h2>\n

\u2014 Mar. (#ZB)<\/td>\n

117 17\/32<\/td>\n117 25\/32<\/td>\n117 31\/32<\/td>\n118 7\/32<\/td>\n118 13\/32<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Much, like yesterday\u2019s exploration of the recent silver volatility by Eli Levy on this forum.<\/h3>\n

\"silver\"<\/p>\n

Silver Volatility<\/h2>\n

I wanted to add to the conversation by including the differences in the Commodity Futures Trading Commissions Weekly Commitment of Traders (COT Report). The before and after data of that historical spike and selloff in that market illustrate yesterday\u2019s blog. Follow the tables\u00a0Commitments of Traders | CFTC<\/a><\/p>\n

In the Commitment of Traders report:<\/h3>\n

what were the major differences between Comex silver positions on January 27th and February 3rd 2026?<\/p>\n

Non\u2011commercials cut longs and shorts, commercials covered a chunk of shorts, spreads ticked up, and total open interest dropped notably between 27 Jan and 3 Feb 2026 for COMEX silver futures.\u200b<\/p>\n

Key numbers: standard silver (5,000 oz)<\/h2>\n

All figures are futures\u2011only, contracts of 5,000 oz.\u200b<\/h2>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Data from the CFTC legacy COMEX silver futures\u2011only reports for positions as of 27 Jan and 3 Feb 2026.\u200b<\/h3>\n

Major positioning shifts<\/h3>\n
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  1. Open interest contraction:\u00a0OI fell about 8.6% (156,637 \u2192 143,180), indicating broad position liquidation across categories rather than a one\u2011sided build.\u200b<\/li>\n
  2. Spec liquidation and short\u2011cover:\u00a0Non\u2011commercials reduced longs by ~4.6k and shorts by ~6.8k, with a bigger cut on the short side, so the spec net long actually increased slightly even as gross length came down.\u200b<\/li>\n
  3. Commercial short\u2011covering:\u00a0Commercials cut longs by ~9.5k and shorts by ~7.9k; their net short remained large but narrowed modestly as they covered more shorts than longs in absolute terms.\u200b<\/li>\n
  4. More spread activity:\u00a0Non\u2011commercial spreads rose by 2,650 contracts, so a larger share of remaining interest was in calendar\/relative value rather than outright directional risk.\u200b<\/li>\n<\/ol>\n

    Micro silver (1,000 oz)<\/h3>\n

    In micro silver, OI dropped from 36,204 to 32,004, with non\u2011commercial longs down a bit, shorts slightly lower, and spreads up, while commercial participation was negligible on both dates.\u200b<\/p>\n

    \u00a0Note on Spreads:<\/h3>\n

    You\u2019ll see spreads are the only category to increase OI above:\u00a0spreads between front month and deferred only serve to reduce margins and price volatility in a carrying charge market. Thereby, not liquidating the position, but locking in a loss if long or gain if short without offsetting the initial position.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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    Introducing Cannon Edge \u2014 Your Daily Futures Snapshot<\/h2>\n

    Cannon Edge is our new daily feature designed to give traders a fast, actionable overview of key futures markets. Each post delivers:<\/p>\n