Guardian Weekly Market Report – Issue 148
Issue 148 – The Week of December 16, 2024
Key Resistance and Supports this Week
Gold
| Support | Resistance |
|---|---|
| 2622.00 | 2670.00 |
| 2574.00 | 2710.00 |
| 2545.00 | 2742.00 |
| 2500.00 | 2780.00 |
Silver
| Support | Resistance |
|---|---|
| 30.10 | 31.15 |
| 29.60 | 31.65 |
| 29.10 | 32.55 |
| 28.50 | 33.00 |
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Reports of Note Due This Week
This week’s key economic news will be the Federal Reserve announcement on interest rates followed by Fed Chair Jerome Powell’s press conference. Also, Fridays personal consumption expenditures (PCE) will be closely watched by investors.
- Monday, Dec 16 – 8:30 A.M. Empire State manufacturing survey (Dec) 9:45 A.M. S&P flash U.S. services PMI and S&P flash manufacturing PMI.
- Tuesday Dec 17 – 8:30 A.M. U.S. Retail Sales (Nov), 9:15 A.M. Industrial production (Nov) and Capacity utilization (Nov), 10:00 A.M. Home builder confidence index.
- Wednesday Dec 18 – 8:30 A.M. Housing starts (Nov), and Building Permits. Then at 2:00 P.M. we see the FOMC interest-rate decision followed by Fed Chair Powell press conference at 2:30 P.M.
- Thursday Dec 19 – 8:30 A.M. the Weekly Initial Jobless Claims expected at 229.000 versus last weeks 242,000 and the Philadelphia Fed manufacturing survey. Then at 10:00 A.M. we see the release of existing home sales and U.S. leading economic indicators
- Friday Dec 20 – At 8:30 A.M. we start off with personal spending and the PCE index followed at 10:00 A.M. with the consumer sentiment final for Dec
Geopolitics
François Bayrou, appointed as France’s new prime minister by President Macron, faces the challenge of uniting a deeply divided parliament to pass crucial economic legislation. This appointment follows the ousting of former Prime Minister Michel Barnier through a no-confidence vote facilitated by an alliance of far-left and far-right lawmakers. Bayrou, at 73 and leader of the Democratic Movement, must now navigate the tumultuous political landscape to avoid the fate of his predecessor and stabilize Macron’s administration amidst ongoing economic and political strife.
South Korean President Yoon Suk Yeol has not responded to a summons for questioning regarding his attempt to declare martial law, which resulted in his impeachment. Yoon’s actions, including deploying troops without lethal weapons to maintain order at the National Assembly, have stirred significant controversy and political instability. Acting President Han Duck-soo has reassured international allies, including the U.S., of South Korea’s stability. The Constitutional Court is reviewing the impeachment, with proceedings affecting South Korea’s political landscape and international relations.
Israel has initiated airstrikes and a ground operation into Syrian territory, citing defensive purposes after the overthrow of President Bashar al-Assad. Meanwhile, Abu Mohammad al-Jolani, leader of Hayat Tahrir al-Sham (HTS), pledged to hold Assad regime officials accountable for war crimes. As HTS’s leader, Jolani’s controversial past complicates his role in Syria’s future, especially as the U.S. considers delisting HTS as a terrorist organization. In Damascus, searches in a notorious prison revealed no detainees, highlighting the unresolved issue of the disappeared under Assad’s regime.
The Call
Gold went up for the first half of the week and retreated to roughly where it began. With numerous uncertainties around the world, combined with a strong U.S. Dollar, Bitcoin around 100,000, and seasonality weakness with the holidays coming up, gold has performed very well. We have been calling for a pullback in the price to 2550.00 to 2600.00 and this looks very likely by year end. Gold will resume the next stage of it’s rally to test the highs and move higher to test 3000.00 per ounce in the first quarter of 2025.
Last Week in Review
Gold opened on Sunday evening at 2644.60 and dipped immediately to make the weekly low at 2628.90. Gold then started to rally and went steadily higher until late Wednesday evening making the weekly high of 2741.60. The market felt like we were off to the races to test the highs but like the gold markets behave, it was down we go, going in the opposite direction after the economic news on Thursday morning. Gold sold off through Thursday and Friday closing at 2664.40 a few dollars higher than it closed a week ago.
- The U.S. Dollar Index was a little stronger this week and finished at 107.00.
- The Gold/Silver Ratio was a little weaker this week at 86.7 ounces of silver for 1 ounce of gold.
Last Week’s Price Ranges
| Market | Gold | Silver |
|---|---|---|
| Open | 2644.60 | 31.09 |
| High | 2741.60 | 32.92 |
| Low | 2628.90 | 30.35 |
| Close | 2664.40 | 30.63 |
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.
