Guardian Weekly Market Report – Issue 169
Issue 169- The Week of May 19, 2025
Key Resistance and Supports this Week
Gold
| Support | Resistance |
|---|---|
| 3160.00 | 3225.00 |
| 3120.00 | 3245.00 |
| 3080.00 | 3300.00 |
| 3050.00 | 3342.00 |
Silver
| Support | Resistance |
|---|---|
| 32.05 | 32.64 |
| 31.85 | 32.86 |
| 31.51 | 33.28 |
| 31.04 | 33.70 |
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
Key takeaways this week will be housing data covering new and existing home sales, weekly jobless claims and industry-sector survey results.
- Monday, May 19– 10:00 A.M. U.S. leading economic indicators.
- Tuesday May 20 – none scheduled.
- Wednesday May 21 – none scheduled.
- Thursday May 22 – 8:30 A.M. the Weekly Initial Jobless Claims expected at 230,000 versus last weeks 229,000, 9:45 A.M. S&P flash U.S. services PMI and S&P flash U.S. manufacturing PMI. 10:00 A.M. Existing home sales
- Friday May 23 – 10:00 A.M. New home sales
Geopolitics
Russia launched its largest drone attack on Ukraine since the war began, killing at least one woman and destroying homes just a day before President Donald Trump is set to speak with Vladimir Putin about a potential ceasefire. Ukraine said 273 drones were fired overnight, with officials warning Russia may also launch an intercontinental missile to intimidate the West. Amid growing pressure from Trump to end the conflict quickly, Zelenskyy met U.S. Vice President JD Vance and Secretary of State Marco Rubio in Rome, reaffirming Ukraine’s support for an unconditional ceasefire. However, talks with Russia on Friday yielded only a prisoner swap, with Moscow demanding terms Kyiv considers unacceptable. Trump has warned of renewed sanctions if Putin fails to negotiate in good faith, while European leaders push Washington to increase pressure on Moscow.
Iranian President Masoud Pezeshkian said Saturday that his country will continue nuclear negotiations with the United States but will not surrender its rights under threat. In a televised speech to naval officials, Pezeshkian emphasized Iran’s determination to preserve its military and nuclear capabilities, despite growing pressure from President Donald Trump, who has threatened airstrikes if no deal is reached. Talks have reached the expert level, but uranium enrichment remains a key impasse. Iran insists its nuclear program is peaceful and heavily monitored, citing over 450 inspections in 2024 by the U.N. watchdog. Meanwhile, Supreme Leader Ayatollah Ali Khamenei criticized Trump’s regional visit, accusing the U.S. of fueling violence in Gaza and calling for the eventual eradication of Israel, labeling it a “cancerous tumor.” He reiterated Iran’s longstanding opposition to U.S. military presence in the Middle East, claiming it is unsustainable and bound to end.
President Donald Trump’s recent tour of Saudi Arabia, Qatar, and the UAE signaled a major shift in U.S. Middle East diplomacy—one that has sidelined Israeli Prime Minister Benjamin Netanyahu and highlighted growing U.S. frustration with his refusal to agree to a Gaza ceasefire. Trump’s handshake with Syria’s new Islamist leader Ahmed al-Sharaa, whom Israel considers a terrorist, underscored this pivot. The tour secured hundreds of billions in economic and arms deals, strengthened U.S. ties with Sunni powers, and advanced Trump’s aim of recalibrating regional alliances—less ideologically and more transactionally. While Israel remains a key ally, sources say Netanyahu’s rejection of ceasefire terms, hardline stance on Iran, and absence of a post-war Gaza strategy have strained ties. Gulf states, notably Saudi Arabia and Qatar, are now central players in shaping the new regional order, securing defense deals and gaining influence with Washington.
The Call
Gold has started trading this week at up over 40.00 around 3245.00 for the June contract. We would not be surprised if gold bounced further to 3300.00 or above before reversing and heading lower to retest the 3100.00 – 3125.00 area. It is difficult to know if the environment for gold has bottomed out yet and our opinion takes gold lower in the near term. Again as last week, the price will be volatile and this seems to be the norm as we digest the political landscape.
Last Week in Review
Gold opened the week trading at 3281.00 for the June contract and chopped sideways until London trading took it lower. Gold opened around 3280.00 at 4:00 A.M. our time and dropped quickly to 3220.00. From here gold again chopped sideways until Wednesday morning when again it went south hitting the weekly low on Thursday at 3123.30. Rather ugly for the longs. Gold finally bounced up to 3255.80 before retreating again to 3156.00 where again a small rally took gold up to finish the week at 3205.30.
- The U.S. Dollar Index was working higher this week finishing at 101.09.
- The Gold/Silver Ratio finished the week below 100 at 99.2 ounces of silver for 1 ounce of gold.
Last Week’s Price Ranges
| Market | Gold | Silver |
|---|---|---|
| Open | 3281.00 | 32.60 |
| High | 3295.50 | 33.43 |
| Low | 3123.30 | 31.78 |
| Close | 3205.30 | 32.44 |
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.
