Stylized representation of the movement of the price of gold.

Guardian Weekly Market Report – Issue 122

Site icon for Guardian Gold     Issue 122 – The Week of June 17, 2024

Key Resistance and Supports this Week

SupportResistance
2289.002343.00
2248.602369.00
2225.002390.40
2172.502425.60
SupportResistance
28.7030.30
28.1331.00
27.2031.60
26.7532.45

Subscribe to our Newsletter

Subscribe To Guardian Gold’s Newsletter

Please enable JavaScript in your browser to complete this form.
Name

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

The markets will be closed on Wednesday for the Juneteenth national holiday. Investors will hear from Federal Reserve officials throughout the week on the health of economic conditions and the path of interest rates. The housing market will be clearer this week with the release of home builder confidence on Wednesday, housing starts on Thursday and existing sales on Friday.

  • Monday, June 17 – The Empire State manufacturing survey will be released at 8:30 AM and is expected to rise to -10.5 from -15.6.
  • Tuesday June 18 – At 8:30 AM we see the release of U.S. Retail sales projected to be slightly higher at 0.2%. Then at 9:15 comes Industrial Production with an expected 0.4% increase and Capacity Utilization with a slight strengthening.
  • Wednesday June 19 – Juneteenth National Holiday.
  • Thursday June 20 – sees the Weekly Initial Jobless Claims at 8:30 AM. They are expected to come in at 236,000, down from last weeks 242,000. Also, at 8:30 AM we have the U.S. current account, housing starts, building permits and the Philadelphia Fed manufacturing survey.
  •         Friday June 21 – At 8:30 A.M., we see the release of the S&P flash U.S. services PMI and the S&P flash U.S. manufacturing PMI.

Geopolitics

President Joe Biden and Ukrainian President Volodymyr Zelenskyy signed a bilateral security agreement aimed at supporting Ukraine amidst its conflict with Russia. This agreement coincided with a G7 decision to extend a $50 billion loan to Ukraine, backed by frozen Russian assets. The commitments are designed to demonstrate enduring support against Russian aggression, ensuring Putin cannot undermine international unity or wait out external support for Ukraine. These efforts reflect an intensified global strategy to support Ukraine while maintaining pressure on Russia through continued sanctions and diplomatic isolation.

Israel’s military announced a daily pause in fighting from 8 a.m. to 7 p.m. along a specific route in southern Gaza to allow for increased humanitarian aid flow. This “tactical pause” aims to alleviate the humanitarian crisis exacerbated by the ongoing war, now in its ninth month. The ceasefire is limited to a 7.5-mile section of road in the Rafah area and is designed to ease aid delivery through the Kerem Shalom crossing. This measure, discussed with the UN and international aid agencies, coincides with the Eid Al-Adha holiday but does not extend to a full ceasefire across Gaza.

Russian President Vladimir Putin proposed an immediate ceasefire if Ukraine withdraws from annexed regions and drops NATO ambitions, terms Kyiv rejected as “manipulative.” The offer coincided with major international discussions about Ukraine, including a G7 meeting and a security pact between the U.S. and Ukraine, intensifying global diplomatic and military stakes. Putin’s conditions include Ukraine’s recognition of Russian territorial claims and lifting Western sanctions, asserting readiness for peace talks while emphasizing the West’s role in prolonging conflict.

In response to a significant win by Marine Le Pen’s National Rally in the European Parliament elections, French President Emmanuel Macron has announced snap parliamentary elections set for June 30 and July 7, just before the Paris Olympics. This move, which follows National Rally securing twice the votes of Macron’s Renaissance party, aims to challenge the far-right’s ascendancy in France. Macron, lacking a majority in parliament, seeks a clear mandate to govern without the far right’s influence, despite the potential risk of empowering them further. Le Pen has welcomed the election, asserting her party’s readiness to govern and curb immigration.

The Call

Gold and silver have been range trading and are fishing for a bottom. With gold, we are looking for a close above the 2366.50 level on the August contract to change our short term bearish view to bullish. A close below 2328.00 level on the August contract will confirm the continuation of a short term bearish pullback and if the 2304 level of support is broken, gold should pullback to the 2225.00 area.


Last Week in Review

Gold opened at 2293.70 on Sunday evening and drifted higher towards 2315.00 awaiting the CPI report that came out Wednesday morning.  The CPI report was favourable for gold which rallied to hit the weekly high at 2341.40 and we then waited for the FOMC announcement at 2:00 PM. The Fed indicated the rates would remain unchanged and the price started to decline. Jerome Powell updated the FOMC”s projection of only one rate cut in 2024.00. After golds price slumped to around 2300.00 on Thursday, we saw a steady rise on Friday back to the 2330.00 area.

Silver opened Sunday evening at 29.195 and like gold, traded side ways until the CPI and then rallies to make the weekly high at 30.30 before slipping back to its weekly low of 28.67 Thursday afternoon. Silver then drifted higher on Friday closing at 29.57.

  • The U.S. Dollar Index was up for the week and finished at 105.55.
  • The Gold/Silver Ratio weakened this week to settle at 79.0 ounces of silver for 1 ounce of gold.

Last Week’s Price Ranges

MarketGoldSilver
Open2293.6029.195
High2341.4030.30
Low2287.1028.67
Close2331.0029.57

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