Guardian Weekly Market Report 108

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Issue 108 – The Week of March 11th, 2024

Key Resistance and Supports: Upcoming Week

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SupportResistance
2143.302210.00
2111.002250.00
2081.302280.00
2045.002312.00
Gold
SupportResistance
23.5725.00
22.8025.78
22.3026.55
21.9827.30
Silver

Reports of Note due out this week:

This week’s Consumer Price Index, the Producer Price Index along with Retail Sales will be the highlight of the economic calendar.

  • Monday, there are no economic reports scheduled.
  • Tuesday at 8:30 AM, we see the release of the Consumer Price Index for February. The Index is expected to rise to 0.4% from last months 0.3% and Core CPI Is expected to drop to 0.3% from 0.4%. The monthly U.S. Federal budget will be released at 2:00 P.M. 
  • On Wednesday, there are no economic reports scheduled.
  • Thursday morning sees the weekly Initial Jobless claims at 8:30 AM. They are expected to drop marginally to 216,000 from last weeks 217,000. At 8:30 A.M., we see the release of U.S. Retail sales for February which are expected to be stronger, up 0.7% vs -0.8% the month earlier. Also, the Producer Price Index will be released and is expected to be unchanged from the month before. Business Inventories round out the day coming out at 10:00 A.M.
  • Friday at 8:30 AM, the Empire State manufacturing survey is projected to come in lower and the Import price index also softer. At 9:15 A.M. sees the release of capacity utilization and industrial production, both expected to be close to unchanged. Then at 10:00 A.M. we have consumer sentiment preliminary for March.

Geopolitics

OpenAI has announced its new board members, including Dr. Sue Desmond-Hellmann and Nicole Seligman, following the completion of an internal investigation into events leading to CEO Sam Altman’s temporary ouster. Altman will also rejoin the board. The investigation, conducted by U.S. law firm WilmerHale, concluded that there was a breakdown of trust between the prior board and Altman and Greg Brockman, OpenAI’s CTO. The board acted in good faith, but did not anticipate the instability that followed Altman’s removal. Altman expressed gratitude for the support and is excited to move forward. Additionally, Elon Musk has sued Altman and Brockman for breach of contract, alleging that OpenAI has become a closed-source subsidiary of Microsoft, contravening a founding agreement.

President Joe Biden signed a government funding bill into law, averting a partial government shutdown. The bill, a collection of six appropriations bills, funds various departments through September. The Senate passed it 75-22 after some delays due to Republican demands for amendments, which were resolved with separate votes. The House had passed the bill 339-85. The next funding deadline for the remaining six appropriations bills is March 22, with negotiations ongoing. Democrats highlighted wins such as funding for the WIC program, while Republicans noted cuts to agencies like the FBI and EPA. Senate leaders faced a balancing act to avoid amendments that could lead to a shutdown, striking a deal on vote timing instead. 

Haiti’s government has extended a state of emergency in Port-au-Prince for another month due to escalating gang violence. The U.N. warned of the health system’s collapse, with shortages of staff, equipment, and supplies. The country’s official gazette declared the state of emergency, including a nightly curfew, to “reestablish order.” Prime Minister Ariel Henry, seeking international help, has been unable to return amid the unrest. Aid group MSF reported at least 2,300 deaths in 2023 in Cite Soleil alone, with likely higher figures. The situation has led to displacement and a dire humanitarian crisis.

The Call

What an impressive rally for a change. For years, when gold moved up a little it was hammered lower time after time shaking everyone’s lust for even slightly higher prices. Our first target last week was 2125.00 and we breezed through that level and continued up to our second level of 2175.00 by week’s end. We are still bullish and are looking for some consolidation between 2175.00 and 2200.00. We would not be surprised to see another new high in the 2250.00 area and a small retest of the support level of 2150.00.

Last Week in Review

Gold opened Sunday evening at 2084.90 spot and then traded steadily higher all week long making new all-time highs several times. Golds all time high was reached Friday midday at 2196.00 before closing at 2179.50 which was higher by almost 100.00 from last Fridays close. Very impressive!

Silver opened at 23.17 on Sunday evening and like its yellow counterpart rallied all week making the weekly high Friday morning at 24.66 before closing at 24.325 Friday afternoon. The weekly low came Monday morning at 23.03. The silver price is lagging the gold price and is trading a few dollars lower than recent highs unlike golds new all-time highs.

  • The U.S. Dollar Index finished much lower on the week at 102.71.
  • The Gold/Silver Ratio closed a little stronger for the week at 89.8 ounces of silver for 1 ounce of gold.
GoldSilver
Open2084.9023.17
High2196.0024.66
Low2081.4023.03
Close2179.5024.32
Last Week’s Gold and Silver Ranges

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The information contained in this report is intended to provide market commentary and not as a recommendation or as a basis for investment decisions. The views expressed herein are the author’s and may differ from the views of others at Guardian International Gold. Guardian International Gold is a trader of Precious metals and this communication is to be considered an invitation to trade. Guardian International Gold makes our best effort to communicate reliable information but no express or implied warranty or representation as to its accuracy, completeness, or correctness may be taken.

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