Guardian Weekly Market Report – Issue 215
Issue 215 – The Week of April 27, 2026
Key Resistance and Supports this Week
Gold
| Support | Resistance |
|---|---|
| 4,660 | 4,740 |
| 4,576 | 4,791 |
| 4,376 | 4,857 |
| 4,224 | 4,924 |
Silver
| Support | Resistance |
|---|---|
| 73.00 | 76.00 |
| 70.00 | 78.00 |
| 65.00 | 80.00 |
| 61.00 | 83.00 |
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Reports of Note Due This Week
This is the most data-concentrated week of Q1 earnings season, with Powell’s final FOMC press conference as Fed Chair anchoring Wednesday and a historic triple-header of GDP, PCE, and ECI landing Thursday morning before the market opens.
- Monday:
No tier-1 U.S. data releases. - Tuesday:
– 10:00 AM ET: Conference Board Consumer Confidence (April)
– 2:00 PM ET: FOMC Meeting Day 1 begins - Wednesday:
– 8:30 AM ET: Advance Durable Goods Orders (March)
– 2:00 PM ET: FOMC Rate Decision
-2:30 PM ET: Fed Chair Powell Press - Thursday:
– 8:30 AM ET: Advance GDP Q1 2026 (First Estimate)
– 8:30 AM ET: Core PCE Price Index (March)
– 8:30 AM ET: Employment Cost Index Q1 2026
– 8:30 AM ET: Initial Jobless Claims - Friday:
– 10:00 AM ET: ISM Manufacturing PMI (April)
Geopolitics
The European Union approved a €90 billion loan package for Ukraine after Russian oil deliveries resumed through the Druzhba pipeline to Hungary and Slovakia, ending a months-long political deadlock. The EU simultaneously approved a new round of sanctions targeting Russia’s shadow fleet, banks, and crypto assets. Hungary’s outgoing Prime Minister Orbán had blocked the measures over the pipeline dispute, but his electoral defeat cleared the path forward. EU Council President Costa called the outcome “promised, delivered, implemented,” while Zelenskyy said the funds would directly strengthen Ukraine’s military.
Japan’s Cabinet approved a landmark policy change scrapping its postwar ban on lethal weapons exports, allowing the sale of fighter jets, missiles, and destroyers to 17 partner nations with defense agreements. The shift marks a significant departure from Japan’s pacifist constitution and accelerates its broader military buildup amid growing regional security concerns. Japan simultaneously formalized a $6.5 billion frigate deal with Australia. China criticized the move while defense partners in Southeast Asia and Europe expressed interest.
Kim Jong Un reaffirmed North Korea’s full support for Russia at a ceremony opening a memorial for North Korean soldiers killed fighting in Russia’s Kursk region. Russian Defense Minister Belousov attended and announced plans for a five-year military cooperation agreement covering 2027-2031, signaling the alliance is being institutionalized beyond the Ukraine war. North Korea sent an estimated 14,000 troops to Russia, with over 6,000 reported killed. Analysts say the partnership is evolving into a formal long-term strategic alliance.
Mali’s defense minister was killed in a sweeping coordinated assault by jihadist group JNIM and Tuareg separatists who seized multiple towns and military bases, including the symbolically significant northern city of Kidal. The attack – the largest of its kind in the country – marked the first known operational alliance between the two groups and dealt a significant blow to Russia’s Africa Corps forces stationed in Mali, who reportedly had no advance intelligence of the assault. A three-day curfew was imposed in Bamako. Regional body ECOWAS condemned the attacks.
The Call
Gold’s around 4710, right on that 4700-4720 area we’ve been watching. It’s been tested a few times now and feels more like a line in the sand than solid support. With the inside week setup, it’s starting to lean a bit heavy. If 4720 gives way, there’s not much underneath until roughly 4665-4625. Below that, we’re likely looking at a deeper move back into the mid-4500s. On the flip side, it really needs to get back above 4800 to look constructive again. Until then, rallies are probably being sold. Silver’s near 75.10. Holding in there, but it’s not doing any heavy lifting. Needs to push back through 76.5-78 to firm things up. Otherwise it just drifts with gold and risks slipping back toward the low 70s. On the macro side, still a bit of a fog. Iran situation hasn’t escalated, but it hasn’t gone away either. Dollar strength seems to be doing more of the work right now in keeping a lid on gold. Overall, this feels more like a market rolling sideways to lower unless it can reclaim that higher ground.
Last Week in Review
Gold opened Sunday evening at $4,868 spot and then traded lower all week as the Iran re-escalation and Warsh confirmation hearing dominated sentiment – the U.S. Navy’s seizure of an Iranian cargo vessel Monday reignited the oil-dollar headwind, while Warsh’s Tuesday testimony before the Senate Banking Committee struck a more balanced tone than the market feared but still widened the Gold/Silver ratio sharply before a modest late-week recovery saw gold close Friday at $4,707. For the week gold was lower by $161 and finished near the lower end of our range.
- The U.S. Dollar Index opened near $98.20 and closed Friday at $98.59, a net gain of 0.39 points.
- The Gold/Silver ratio widened from 59.0 to approximately 62.4 on the week, gaining 3.4 points as silver’s steeper decline from $82.52 to a Friday close near $75.46 reflected amplified pressure from both the dollar recovery and industrial demand fears tied to the continued Hormuz blockade.
Last Week’s Price Ranges
| Market | Gold | Silver |
|---|---|---|
| Open | 4,868 | 82.52 |
| High | 4,868 | 82.52 |
| Low | 4,620 | 73.50 |
| Close | 4,707 | 75.46 |
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.
