Guardian Weekly Market Report – Issue 213
Issue 213 – The Week of April 13, 2026
Key Resistance and Supports this Week
Gold
| Support | Resistance |
|---|---|
| 4,660 | 4,791 |
| 4,576 | 4,857 |
| 4,376 | 4,960 |
| 4,224 | 5,020 |
Silver
| Support | Resistance |
|---|---|
| 73.00 | 76.00 |
| 70.00 | 77.50 |
| 65.00 | 80.00 |
| 61.00 | 83.00 |
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Reports of Note Due This Week
Last week’s ceasefire euphoria and this morning’s collapse of the Islamabad talks set up a week that will oscillate between geopolitical headline risk and a dense schedule of Fed speakers – the most concentrated parade of FOMC commentary since the March meeting. With the ceasefire in serious doubt after Pakistan-brokered talks broke down over Iran’s nuclear demands and the U.S. announcing a Strait of Hormuz blockade effective 10 AM ET Tuesday, every rate-sensitive data print this week carries amplified significance. The March PPI on Tuesday and the Fed’s Beige Book on Wednesday are the two data anchors; the PPI in particular will confirm whether last Friday’s +3.3% CPI headline was an isolated energy shock or the start of a broader pass-through into producer prices.
- Monday:
-No Reports of Note - Tuesday:
-8:30 AM ET: Producer Price Index - Wednesday:
-2:00 PM ET: Federal Reserve Beige Book - Thursday:
-8:30 AM ET: Initial Jobless Claims
-8:30 AM ET: Housing Starts and Building Permits (March)
-8:30 AM ET: Philadelphia Fed Manufacturing Index (April) - Friday:
-9:15 AM ET: Industrial Production and Capacity Utilization (March)
Geopolitics
Viktor Orbán’s 16-year tenure ended in a sweeping defeat as challenger Peter Magyar and the center-right Tisza Party won a projected supermajority in Hungary’s parliamentary election. European leaders celebrated the result as a return to EU unity, while the Kremlin offered a muted response. Magyar has pledged to restore democratic institutions, unlock frozen EU funding, and reframe Hungary’s relationship with Brussels – though analysts caution that Orbán’s deep institutional influence will take years to dismantle. Magyar also signaled hope for an end to the Ukraine war so sanctions on Russia can eventually be lifted, a nod to Hungary’s continued dependence on Russian oil.
U.S.-Iran peace negotiations in Islamabad concluded without a deal after 21 hours of talks, with both sides citing significant remaining differences. The central sticking point was Iran’s nuclear program – specifically whether Tehran would commit to abandoning uranium enrichment. VP Vance called the U.S. proposal a “final offer,” while Iran accused Washington of “excessive demands.” An eight-day ceasefire remains in place, though Trump separately announced a U.S. naval blockade of the Strait of Hormuz. Analysts warn the gap between the two sides remains wide, with Iran viewing Hormuz control as its primary leverage.
Following KMT leader Cheng Li-wun’s meeting with Xi Jinping, Beijing announced a series of goodwill measures toward Taiwan, including resuming direct flights to additional cities, easing import bans on Taiwanese aquaculture products, and exploring a formal communication channel between the two parties. The moves signal Beijing’s willingness to engage with Taiwan’s opposition while the island’s government remains sidelined. Separately, the Philippines opened a new coast guard base on Thitu Island in the disputed South China Sea, framing it as a sovereignty assertion amid ongoing tensions with Chinese vessels in the region.
The Call
Tension is building after the failed U.S. Iran talks in Pakistan, and the U.S. is moving to restrict Iranian shipping with naval enforcement starting today. It’s not a full shutdown of the Strait of Hormuz, but it raises the risk of escalation, especially if Iran responds. Gold is sitting right under the 4720-4800 zone again, around 4745. It’s been tested a few times now without a clean rejection, but it’s not getting through either. Support holds 4660-4600. Above this area it starts to look better, but it still has to prove it. Silver is holding the 66-70 base and working higher, now pushing into 74-78 resistance. So far, metals haven’t fully reacted to the headlines. If tension escalates, this level will likely give way quickly. If not, it stays range-bound for now.
Last Week in Review
Gold opened Sunday evening at $4,677 spot and then traded higher all week, accelerating sharply Wednesday morning when the U.S.-Iran two-week ceasefire was announced just before Trump’s Tuesday-night deadline – driving a $180 intraday surge to the weekly high of $4,857 – before gradually fading as ceasefire violations and Islamabad talk uncertainty eroded the relief premium, with gold closing Friday at $4,780 as a softer dollar and rate-cut repricing provided a floor. For the week gold was higher by $103 and finished near the higher end of our range, posting its third consecutive weekly gain.
- The U.S. Dollar Index opened near $99.78 and swung through the week, spiking above $100 Monday before hitting a four-week low near $98.60 on Wednesday’s ceasefire announcement, then recovering to close Friday near $99.30
- The Gold/Silver ratio declined 0.9 points from 64.0 to approximately 63.1 on the week as silver’s more volatile industrial demand profile amplified its ceasefire-day rally, with silver surging to $77 intraday Wednesday before settling near $75.80 by Friday’s close.
Last Week’s Price Ranges
| Market | Gold | Silver |
|---|---|---|
| Open | 4,677 | 73.03 |
| High | 4,857 | 77.18 |
| Low | 4,649 | 71.83 |
| Close | 4,780 | 75.80 |
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.
