Market Report

Guardian Weekly Market Report 119

Gold had a strong pullback last week and we feel there is a little more room to the downside before the rally resumes. With a shortened trading week due to the Memorial Day Holiday, gold should continue the pullback towards 2275.00 and 2300.00. A bounce back towards 2400.00 then seems likely in the coming weeks. We remain bullish on gold and silver prices and expect a steady rise later in the year. Silver has gone through a round of profit taking and the 29.00 price level should provide support and then a rally towards 34.00. 

Guardian Weekly Market Report 119 Read More

Stylized representation of the movement of the price of gold.

Guardian Weekly Market Report 117

Gold had a stellar week rallying from the open on Sunday night through the entire week to close firmly on Friday afternoon. As this action has caused us to feel that gold is about to explode higher, this emotion is wrong most of the time. The high last week of 2385.30 will be a key resistance level and we would expect gold to again drift lower towards 2300.00 in the short term and possibly retreating to 2225.00. Until gold breaks above 2385.30 gold we expect gold to trade in a sideways range between 2225.00 and 2385.00. 

Guardian Weekly Market Report 117 Read More

Stylized representation of the movement of the price of gold.

Guardian Weekly Market Report 116

Gold continued to trend lower this week getting closer to our short-term target of 2200.00 to 2225.00 which we expect over the next couple of weeks. The U.S. Dollar has been weakening a little which is usually favorable to gold rallying. Bitcoin was trending lower but has quickly changed direction rallying from 57000 level up to 64000 since last Wednesday. Both are suggesting a rally in gold is close at hand. We are still calling for gold to drop towards 2200 and with a very quiet week on the economic front, we see little to slow this decline.

Guardian Weekly Market Report 116 Read More

Stylized representation of the movement of the price of gold.

Guardian Weekly Market Report 115

Last week gold tested the 2450.00 area and closed a little lower Friday. Gold needs to retest that 2450.00 area and if it cannot make new highs again, we would expect a pull back in the price of gold to the 2250.00 support zone over the next few weeks if the Israel Iran conflict remains muted. We are still bullish on gold but feel a short-term dip would be very healthy and would then hope for a strong rally towards 2500.00 to 2600.00 by year end.

Guardian Weekly Market Report 115 Read More

Stylized representation of the movement of the price of gold.
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