Guardian Weekly Market Report – Issue 154
Issue 154 – The Week of February 3rd, 2025
Key Resistance and Supports this Week
Gold
| Support | Resistance |
|---|---|
| 2778.00 | 2830.00 |
| 2738.00 | 2880.00 |
| 2698.00 | 2930.00 |
| 2650.00 | 2980.00 |
Silver
| Support | Resistance |
|---|---|
| 31.50 | 32.65 |
| 30.65 | 33.50 |
| 30.00 | 34.50 |
| 29.05 | 35.40 |
Subscribe to our Newsletter
Subscribe To Guardian Gold’s Newsletter
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
Tariffs, tariffs and more tariffs. This is going to be a difficult week for all investors. Trump has declared economic war with Mexico and Canada. We have the January jobs report on Friday which will show whether the labor market continues to strengthen, along with updates on manufacturing and service sectors and the trade deficit.
- Monday, Feb 3 – 9:45 A.M. S&P final U.S. manufacturing PMI. At 10:00 A.M. we see the release of construction spending and ISM manufacturing.
- Tuesday Feb 4 – 10:00 A.M. Job openings and factory orders.
- Wednesday Feb 5 – 8:15 A.M. ADP employment, followed at 8:30 A.M. by the U.S. trade deficit. Then at 9:45 A.M. we see the S&P final U.S. services PMI and at 10:00 A.M. ISM services.
- Thursday Feb 6 – 8:30 A.M. the Weekly Initial Jobless Claims expected at 213.000 versus last weeks 207,000 and U.S. productivity.
- Friday Feb 7 – 8:30 A.M. U.S. employment report, the U.S. unemployment rate and U.S. hourly wages. Then at 10:00 A.M. wholesale inventories and consumer sentiment.
Geopolitics
President Donald Trump implemented tariffs on goods from Canada, Mexico, and China, citing issues related to illegal immigration and drug trafficking. In retaliation, Canada and Mexico announced their own tariffs on U.S. goods, while China planned to file a lawsuit with the World Trade Organization and promised countermeasures. Trump’s tariffs, set to start collecting on a specified Tuesday, target a variety of goods, and he states they will continue until the associated crises are resolved. The situation escalates tensions and promises economic repercussions for consumers and businesses in the involved countries.
Tensions escalate in eastern Democratic Republic of Congo as M23 rebels, backed by Rwanda according to various international observers, capture Goma and expand southward. Congo’s President Tshisekedi has vowed a military response, although regional and international calls for a ceasefire persist. Diplomatic efforts, including sanctions and dialogues, have yet to halt the conflict which has significant implications due to the area’s rich mineral resources and complex geopolitical dynamics. This crisis marks a severe escalation reminiscent of conflicts following Rwanda’s 1994 genocide, impacting regional stability and humanitarian conditions.
Ahmed al-Sharaa, leader of the Islamist group Hayat Tahrir al-Sham, has been declared the president of Syria for a transitional period following the overthrow of Bashar al-Assad. The Syrian constitution has been suspended, and a temporary legislative council is to be formed. Sharaa’s government aims to stabilize Syria by preserving civil peace, rebuilding state institutions, and developing economic infrastructure. Plans include a political transition with eventual elections, expected to take up to four years. This move has solidified Sharaa’s power, transitioning his military influence into formal political leadership.
The Call
President Donald Trump has officially followed through on tariff threats and levied 25% tariffs on Canada and Mexico. This will be inflationary for everyone and bullish for gold and silver. The gold price opened on Sunday night with a very wide range of 24.00 on the first 1-minute bar of trading. We will continue to watch the price closely and expect further upside towards 2900.00 and 3000.00. Volatility will be normal over the next few days and the U.S. Employment report will be keenly watched by investors on Friday to help determine the U.S. employment picture. A pullback to 2750.00 would be normal as we should see a wide range for gold this week.
Last Week in Review
Gold opened on Sunday evening at 2805.30 (April) and chopped side-ways to lower making the weekly low of 2760.20 at lunch time on Monday. From here, gold steadily worked its way higher making the weekly high of 2862.80around 10:00 AM Friday morning. A small pull back in the afternoon had gold closing at 2831.40 for the April contract.
- The U.S. Dollar Index was stronger this week and finished at 108.37.
- The Gold/Silver Ratio was a higher this week at 89.4 ounces of silver for 1 ounce of gold.
Last Week’s Price Ranges
| Market | Gold | Silver |
|---|---|---|
| Open | 2770.00 | 30.86 |
| High | 2838.00 | 31.70 |
| Low | 2731.00 | 29.80 |
| Close | 2809.30 | 31.23 |
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.
