Guardian Weekly Market Report – Issue 146
Issue 146 – The Week of December 2nd, 2024
Key Resistance and Supports this Week
Gold
| Support | Resistance |
|---|---|
| 2617.00 | 2675.00 |
| 2569.00 | 2724.00 |
| 2537.00 | 2773.00 |
| 2500.00 | 2825.00 |
Silver
| Support | Resistance |
|---|---|
| 30.00 | 31.63 |
| 29.32 | 32.50 |
| 28.50 | 33.25 |
| 27.75 | 34.50 |
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Reports of Note Due This Week
This week brings the November jobs report along with the unemployment rate on Friday. Also economists will get data on job openings, private-sector employment from ADP and initial jobless claims
- Monday, Dec 2 – 9:45 A.M. S&P final U.S. manufacturing PMI. At 10:00 A.M., ISM manufacturing and construction spending.
- Tuesday Dec 3 – 10:00 A.M. Job openings for Oct.
- Wednesday Dec 4 – 8:15 A.M. ADP employment report. At 9:45 A.M. S&P final U.S. services PMI. At 10:00 A.M., ISM services and factory orders. At 2:00 P.M. Fed Beige Book.
- Thursday Dec 5 – 8:30 A.M. the Weekly Initial Jobless Claims expected to be up to 215.000 versus last weeks 213,000 and the U.S. trade deficit.
- Friday Dec 6 – U.S. employment report calls for 200,000 new jobs for Nov. and the unemployment rate remaining unchanged at 4.1%.. At 10:00 A.M. consumer sentiment (prelim) December.
Geopolitics
Canadian Prime Minister Justin Trudeau met with U.S. President-elect Donald Trump in Florida, where they discussed key issues like the drug crisis, trade, and immigration. Despite recent tensions over Trump’s proposed 25% tariff on Canadian goods, the leaders expressed a commitment to collaboration. Trudeau emphasized the productivity of their discussions on social media, and Trump highlighted their agreement to tackle the drug epidemic and trade deficits. The meeting came unexpectedly during Trudeau’s visit to the U.S., sparking discussions on potential impacts on U.S.-Canada relations.
The ceasefire between Israel and Hezbollah is holding as confirmed by President Joe Biden. It aims to be a permanent halt to hostilities, coming after a conflict that has resulted in significant casualties and displacement on both sides. Biden emphasized that the U.S., alongside partners like France, is committed to fully implementing the deal. He also noted that Israel retains the right to defend itself if the ceasefire is violated. The agreement facilitates the return of displaced civilians and represents a significant diplomatic effort towards stabilizing the region.
Islamist rebels recently intensified their offensive in Aleppo, Syria, using car bombs and seizing areas, marking a significant escalation in the conflict. This comes after years of relative calm since their expulsion in 2016 with the help of Russian and Iranian forces. The Syrian Observatory of Human Rights reported fierce clashes, and the rebels, led by Hayat Tahrir al-Sham, are urging cooperation from Aleppo’s residents. The Syrian army has responded robustly, claiming substantial losses among the rebels. Casualties include both combatants and civilians, with the total number of deaths rising since the offensive began.
The Call
Gold tanked last Monday dropping over 100.00 with the low being just above 2600.00 spot. Gold then rallied and finished around 2650.00. A retest of the bottom of the range is our view with a target of 2550.00 to 2575.00 before the rally resumes. A close above 2675.00 would signal the start of the next rally with an initial target around 2720.00. There is tremendous uncertainty around the world today and sharp moves (volatility) are likely to occur at any time.
Last Week in Review
Gold opened on Sunday evening at 2718.90 and in the opening hour hit the weekly high of 2724.00 before starting the largest one-day decline in four years of over 100.00 to make the weekly low of 2605.60 by Monday evening. From here gold climbed up in choppy trading during a quiet Thanksgiving Holiday week and closed out Friday at 2649.70.
Silver opened Sunday night at 31.435 and established the weekly high of 31.565 immediately just like gold did. The selloff in silver was different than gold and lasted through to early Thursday morning making the weekly low of 29.675. Silver then had a steady rally to hit its weekly high of 31.565 Friday morning and closed out the week at 30.68 on a shortened trading day due to the Thanksgiving Holiday weekend.
- The U.S. Dollar Index was weaker this week and finished at 105.78.
- The Gold/Silver Ratio was a little changed this week at 86.6 ounces of silver for 1 ounce of gold.
Last Week’s Price Ranges
| Market | Gold | Silver |
|---|---|---|
| Open | 2718.90 | 31.43 |
| High | 2724.00 | 31.56 |
| Low | 2605.60 | 29.67 |
| Close | 2649.70 | 30.68 |
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.
