Guardian Weekly Market Report – Issue 150
Issue 150 – The Week of January 6th, 2025
Key Resistance and Supports this Week
Gold
| Support | Resistance |
|---|---|
| 2600.00 | 2670.00 |
| 2580.00 | 2720.00 |
| 2550.00 | 2770.00 |
| 2517.00 | 2815.00 |
Silver
| Support | Resistance |
|---|---|
| 28.90 | 30.25 |
| 28.15 | 31.00 |
| 27.75 | 31.75 |
| 27.05 | 32.50 |
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Reports of Note Due This Week
Financial markets will be closed on Thursday January 9th for the funeral of former U.S. President Jimmy Carter. The December jobs report comes out on Friday. Other data releases this week include the FOMC minutes from December, service sector PMI, consumer credit and consumer sentiment.
- Monday, Jan 6 – 9:45 A.M. S&P final U.S. services PMI and at 10:00 A.M. factory orders.
- Tuesday Jan 7 – 8:30 A.M. U.S. trade deficit. 10:00 A.M. ISM services for DEC. and Job openings
- Wednesday Jan 8 – 8:15 A.M. ADP employment report. 2:00 P.M. minutes of the Fed’s FOMC meeting. 3:00 P.M. Consumer credit.
- Thursday Jan 9 – Financial markets are closed today for memorial for former President Jimmy Carter. 8:30 A.M. the Weekly Initial Jobless Claims expected at 215.000 versus last weeks 211,000 and then at 10:00 A.M. Wholesale inventories.
- Friday Jan 10 – 8:30 A.M. U.S. Jobs report (estimated 115,000 and unemployment rate expected at 4.2%. 10:00 A.M. Consumer sentiment (Prelim).
Geopolitics
Hundreds of South Koreans rallied near President Yoon Suk Yeol’s residence, demanding his arrest as authorities planned another attempt to detain him. Anti-corruption investigators faced resistance from presidential security when trying to enforce a detainment warrant, which is valid through Monday. Amidst heightened security, both supporters and detractors of Yoon gathered, highlighting the divide over his impeachment related to the failed martial law declaration. The situation remains tense as legal proceedings against Yoon continue.
Austria’s ruling conservatives are seeking a new leader after Chancellor Karl Nehammer’s resignation. Christian Stocker has been named as the interim party leader. This leadership shakeup follows unsuccessful attempts to form a coalition government that excludes the far-right Freedom Party (FPO), which gained significant support in recent elections. Austria now faces the possibility of a snap election or a government led by the FPO. Nehammer had previously ruled out a coalition with FPO due to concerns over its leader’s views.
Russia has reported gains in eastern Ukraine while countering a Ukrainian offensive in the Kursk region. Despite Russian claims of repelling the attack, ongoing conflict persists with no clear end. Both nations are seeking advantageous positions as U.S. President-elect Donald Trump, who has promised to swiftly end the war, prepares to take office. Ukrainian advances in Kursk might serve as leverage in potential peace negotiations, reflecting the complex dynamics of this extended conflict.
Earlier last week, Ukraine ended a six-decade-long pipeline agreement with Russia, halting a major supply route of Russian gas to Europe. This move aims to financially impact Russia amid ongoing military conflicts and geopolitical tensions. Ukraine’s decision coincides with Russian drone attacks targeting Ukrainian civilians and infrastructure. The termination also means Ukraine will forfeit substantial transit fees, while costing Russia significant losses in revenue and market presence. European countries, having diversified their energy sources, face fluctuating natural gas prices as a consequence.
The Call
The gold market acted pretty much as we expected, lower into year end with profit taking and rallying up as some new buying and bullish positioning materialized at weeks end. This weeks range on gold looks like 2550.00 on the downside and a test of 2700.00 on the upside. A break above 2700.00 will result in gold testing 2750.00 but we believe this will not happen for a few weeks. The U.S. Dollar has been very strong as of late and should remain strong into President Trump’s inauguration on January 20th providing headwinds for the precious metal markets. A break below 2600.00 and gold will be on its way to testing 2550.00. We remain bullish with the target on gold around 3000.00 later in the year.
Last Week in Review
Gold opened on Sunday evening at 2626.10 and sold off to make the weekly low 2597.20 Monday morning just before noon. A slow and steady rally had gold making the weekly high of 2671.20 on Thursday evening. A small pullback on Friday had gold closing at 2643,30.
- The U.S. Dollar Index was a stronger this week and finished at 108.95.
- The Gold/Silver Ratio was a almost unchanged this week at 89.2 ounces of silver for 1 ounce of gold.
Last Week’s Price Ranges
| Market | Gold | Silver |
|---|---|---|
| Open | 2626.60 | 29.74 |
| High | 2671.20 | 30.13 |
| Low | 2597.20 | 28.92 |
| Close | 2643.30 | 29.85 |
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.
