Guardian Weekly Market Report – Issue 167
Issue 167 – The Week of May 5th, 2025
Key Resistance and Supports this Week
Gold
| Support | Resistance |
|---|---|
| 3200.00 | 3300.00 |
| 3175.00 | 3341.00 |
| 3145.00 | 3377.00 |
| 3100.00 | 3410.00 |
Silver
| Support | Resistance |
|---|---|
| 31.90 | 32.90 |
| 31.60 | 33.30 |
| 31.10 | 33.63 |
| 30.70 | 34.00 |
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Reports of Note Due This Week
Fed’s interest rate decision comes amid President Trump’s pressure to lower interest rates. Investors will also be watching ISM services, the U.S. trade deficit, productivity and consumer credit.
- Monday, May 5– 9:45 A.M. S&P final U.S. services PMI. 10:00 A.M. ISM services
- Tuesday May 6 – 8:30 A.M. U.S. trade deficit
- Wednesday May 7 – 2:00 PM FOMC meeting and 2:30 P.M. Fed Chair Jerome Powell press conference. 3:00 P.M. consumer credit.
- Thursday May 8 – 8:30 A.M. the Weekly Initial Jobless Claims expected at 230,000 versus last weeks 241,000, 8:30 A.M. U.S. productivity, 10:00 A.M. wholesale inventories.
- Friday May 9 – none scheduled.
Geopolitics
Canada’s Liberal Party, led by Mark Carney, won the federal election, securing another term amid rising tensions with the U.S. President Donald Trump’s tariffs and provocative remarks — including suggesting Canada should become the 51st U.S. state — became central issues that galvanized Canadian voters. Carney, a former central banker, emphasized self-reliance and national sovereignty in the face of U.S. pressure, helping the Liberals close a significant polling gap. Opposition leader Pierre Poilievre conceded, warning the Liberals would be held accountable under a minority government.
The U.S. and Ukraine signed a new “economic partnership” Wednesday creating a joint investment fund granting Washington access to Ukraine’s critical minerals, oil, and gas in exchange for help rebuilding the war-torn country. The United States-Ukraine Reconstruction Investment Fund will finance extraction and infrastructure projects, with revenues split equally. Treasury Secretary Scott Bessent called the deal a step toward lasting peace and a repayment mechanism for U.S. aid. Ukraine emphasized that resource ownership remains national, and no side controls the fund. The agreement follows tense negotiations between Presidents Trump and Zelenskyy, whose relationship appears to have recently thawed.
Russian President Vladimir Putin announced a temporary ceasefire from May 8 to May 11, coinciding with Victory Day, just hours after President Trump claimed Ukrainian President Zelenskyy may be willing to cede Crimea to Russia as part of a peace deal. Ukraine’s foreign minister called for an immediate ceasefire, questioning the delay. Trump and Zelenskyy met at Pope Francis’s funeral and described their talks as productive, while the Kremlin signaled readiness to begin negotiations with the U.S. and Ukraine. Russia’s conditions for peace include formal recognition of annexed Ukrainian territories, lifting sanctions, and Ukraine’s demilitarization. Ukraine has not confirmed any concessions, and fighting reportedly continues on multiple fronts.
The Call
It took gold 9 days to go from 3000.00 to 3500.00. Now gold has pulled back for 9 days and tested the 3200.00 handle. Not unusual for the gold market. Could gold retest the 3000.00 to 3150.00 area, yes, of course it can. We think it is more likely gold will rally with the nervousness over what is happening around the world, China returning from a holiday on Tuesday, jitters over tariffs……etc. We must also keep in mind the Fed makes its decision on interest rates this Wednesday afternoon. Given all the indecision, a small bounce in the price of gold up to around 3300.00 to 3350.00 is likely. What will the next 9 days bring us, volatility!
Last Week in Review
Gold started the week trading at 3336.50 for the June contract. The first reaction was down to test 3278.00 on Sunday evening and then gold bounced up to make the weekly high of 3363.80 late Monday afternoon. Gold then headed back to test Sunday evenings low and worked its way down to 3275.60 by Wednesday morning between 8:30 and 9:00. Gold then rallied again but could only make it as far as 3330.10 before again heading down to make the weekly low at 3209.40. Choppy action on Friday resulted in gold finishing the week at 3247.40 Friday afternoon.
- The U.S. Dollar Index was steady this week finishing at 100.03.
- The Gold/Silver Ratio finished the week at 101.4 ounces of silver for 1 ounce of gold.
Last Week’s Price Ranges
| Market | Gold | Silver |
|---|---|---|
| Open | 3336.50 | 33.37 |
| High | 3363.80 | 33.83 |
| Low | 3209.40 | 31.86 |
| Close | 3243.20 | 32.26 |
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.
