Stylized representation of the movement of the price of gold.

Guardian Weekly Market Report – Issue 118

Site icon for Guardian Gold     Issue 118 – The Week of May 20th, 2024

Key Resistance and Supports this Week


Subscribe to our Newsletter

Subscribe To Guardian Gold’s Newsletter

Please enable JavaScript in your browser to complete this form.

Your email address will be used solely for sending you our newsletter and will never be sold, shared, or misused.

Reports of Note Due This Week

Investors will have an update on the Feds thoughts when they release the minutes of the FOMC meeting on Wednesday. May’s meeting could provide more information on the deliberations between members about whether the central bank will be able to follow through with interest rate cuts later this year

  • Monday, May 20 – None scheduled.
  • Tuesday May 21 – None scheduled.
  • Wednesday May 22 – at 10:00 AM we see the release of Existing Home Sales. Then at 2:00 PM, the minutes of the May FOMC meeting will be released.
  • Thursday May 23 – sees the Weekly Initial Jobless Claims at 8:30 AM. They are expected to come in at 220,000, down from last weeks 222,000. Out at 9:45 we see the release of the S&P flash U.S. services PMI and the S&P flash U.S. manufacturing PMI. Then at 10:00 AM, new home sales will be released.
  • Friday May 24 – At 8:30 A.M., we see the release of durable goods orders for April followed by consumer sentiment at 10:00 AM.


Iranian President Ebrahim Raisi has died in a helicopter crash in northern Iran, along with other officials including the Foreign Minister. The crash occurred under foggy conditions which complicated rescue efforts. Hezbollah and the Houthi rebels, both backed by Iran, expressed condolences. The EU also extended its sympathies. First Vice President Mohammad Mokhber has been named interim president. The crash has sparked broad international reactions, with discussions about its impact on Iranian politics and international relations.

Russian President Vladimir Putin concluded a two-day visit to China, which included stops in Harbin and Beijing, to underscore the strengthening strategic ties and personal rapport with Chinese leader Xi Jinping. The visit aimed to showcase an alternative to U.S. global influence. In Harbin, Putin’s discussions with Xi were described as substantive, emphasizing a partnership meant to enhance the development and well-being of their nations rather than confront the West. However, Putin subtly critiqued the U.S., highlighting the emergence of a multipolar world. This trip comes as both nations face significant tensions with Western countries, particularly over issues like Russia’s actions in Ukraine and China’s role in global trade and regional security.

Russia’s recent offensive near Kharkiv, Ukraine’s second-largest city, highlights intensifying military actions and strategic shifts. Secretary of State Antony Blinken visited Ukraine, announcing a $2 billion arms deal to bolster Kyiv amid these challenges. President Volodymyr Zelenskyy, signaling the severity of the situation, canceled foreign trips to manage the crisis. Despite some Ukrainian forces retreating for tactical repositioning, there’s a notable escalation with significant troop movements and local evacuations. This offensive might distract Ukrainian forces from other critical regions, indicating a strategic play by Russia. Meanwhile, international dynamics are underscored by discussions and partnerships, such as the strengthening alliance between Russia and China, adding complexity to global geopolitical tensions.

The Call

It was a wild ride for silver last week and gold followed.  Silver closed strongly above 31.00 for the first time in over 10 years. Next target on silver appears to be a little over 34.00. This would take gold to another all time high above 2500.00. Fasten your seat belts as it looks like we can sit back and enjoy ride! 

Last Week in Review

Gold opened at 2364.00 Sunday evening and dipped down to the weekly low on Monday of 2332.70 before staging a rally from the numbers from the PPI and CPI midweek. Gold continued to rally a little while following silver which had an extraordinary rally when it finally broke above 30.00 per ounce. Gold’s rally finished off firmly with the high coming near the close Friday afternoon at 2422.40.

Silver was the star last week as it opened at 28.23 and dropped a little cents before going on a tear the rest of the week. By Friday afternoon the silver metal had gained 3.41 on the week to close at 31.58. The gold/silver ratio had a sizable move to finish at 76.7 to 1. The high was very impressive at 31.66.

  • The U.S. Dollar Index finished down  for the week at 104.45.
  • The Gold/Silver Ratio strengthened very strongly this week to settle at 76.7 ounces of silver for 1 ounce of gold.

Last Week’s Price Ranges


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.

Scroll to Top