Guardian Weekly Market Report – Issue 219
Issue 219 – The Week of June 1st, 2026
Key Resistance and Supports this Week
Gold
| Support | Resistance |
|---|---|
| 4,500 | 4,568 |
| 4,420 | 4,600 |
| 4,320 | 4,660 |
| 4,224 | 4,724 |
Silver
| Support | Resistance |
|---|---|
| 73.00 | 76.00 |
| 70.00 | 78.00 |
| 65.00 | 80.00 |
| 61.00 | 82.00 |
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Reports of Note Due This Week
This is a full labor market week with NFP landing Friday as the most consequential data point heading into the June 16-17 FOMC – the first meeting and dot plot under Warsh. The pre-FOMC blackout begins Saturday June 7, making this week’s data and any Fed speaker appearances the last inputs markets will have before the decision. The ISM Manufacturing PMI on Monday and the Beige Book on Wednesday provide the growth and inflation texture, while ADP on Wednesday and JOLTS on Tuesday set the table for Friday’s payroll number. The tentative 60-day Hormuz ceasefire extension – reported but not yet formally signed – is the geopolitical wildcard hanging over every session this week.
- Monday, June 1
10:00 AM ET: ISM Manufacturing PMI (May)
10:00 AM ET: Construction Spending (April)
10:00 AM ET: S&P Global US Manufacturing PMI Final (May) - Tuesday, June 2
10:00 AM ET: JOLTS Job Openings (April)
10:00 AM ET: Factory Orders (April) - Wednesday, June 3
8:15 AM ET: ADP Employment Change (May)
10:00 AM ET: ISM Services PMI (May)
2:00 PM ET: Fed Beige Book
S&P Global US Services PMI Final (May) - Thursday, June 4
8:30 AM ET: Initial Jobless Claims:
8:30 AM ET: Balance of Trade (April)
8:30 AM ET: Challenger Job Cuts (May) - Friday, June 5
8:30 AM ET: Nonfarm Payrolls (May)
8:30 AM ET: Unemployment Rate (May)
8:30 AM ET: Average Hourly Earnings (May)
10:00 AM ET: University of Michigan Consumer Sentiment Preliminary (June)
Geopolitics
The U.S. and Iran exchanged strikes over the weekend despite ongoing ceasefire negotiations, with U.S. Central Command citing self-defense after Iran shot down an American drone over international waters. U.S. strikes targeted Iranian radar and drone control sites on Qeshm Island and in Goruk, while Iran retaliated against an air base it linked to U.S. attacks. Kuwait reported intercepting missiles and drones Monday near a U.S. air base it hosts. Iran’s foreign ministry insisted a Lebanon ceasefire must be part of any final deal, while accusing the U.S. of violating the existing ceasefire through attacks on Iranian commercial shipping. Negotiations remain stalled over nuclear, missile, and Hormuz terms.
Israeli forces captured Beaufort Ridge in southern Lebanon, crossing the Litani River for the first time in 26 years in what Netanyahu called a “dramatic change” in strategy. Israel has destroyed bridges over the Litani and issued sweeping evacuation orders, displacing over 1.2 million Lebanese since March. Lebanese and French officials condemned the advance and France called an emergency UN Security Council meeting. Analysts warn Israel risks a prolonged occupation, while Iran has signaled any U.S.-Iran ceasefire deal must include an end to Israeli operations in Lebanon.
Russia warned the U.S. and European allies to evacuate their diplomatic staff from Kyiv, threatening “systematic strikes” on the Ukrainian capital following a Ukrainian drone attack on a college in Russian-occupied Luhansk. Kyiv denied targeting civilians. The warning followed one of the heaviest bombardments of Kyiv since the war began, including use of a hypersonic Oreshnik missile. European nations rejected the warning, calling it a sign of desperation, and vowed to remain. U.S.-mediated peace talks remain stalled as Washington focuses on the Iran conflict.
The French Navy boarded and seized the Russian-linked oil tanker Tagor in the Atlantic Ocean, more than 400 nautical miles west of Brittany, with British support. The vessel was sailing from Murmansk and suspected of flying a false flag to evade sanctions. France and Britain have both committed to intercepting shadow fleet vessels carrying sanctioned Russian oil. The Kremlin called the seizure “bordering on international piracy.” It follows a similar French interception of a Russian-linked tanker in the Mediterranean in January.
The Call
Gold still looks heavy. The Iran story isn’t going away. Iran seems to be in no rush to settle since they have a new superpower courtesy of the US and Israel in their ability to disrupt Hormuz Strait. The 60-day deal still looks shaky, the U.S. and Iran were trading shots again over the weekend, Hormuz traffic is still a fraction of normal, and oil is back around $90. Markets are still trying to figure out what all that means. What we do know is gold is sitting at 4537 and can’t get much going. That’s the part that matters. 4500 remains the line everybody is watching. Hold it and this can keep chopping around. Lose it and things probably get uglier. Needs back above 4560 to steady up and over 4650 before the tone improves. Rallies still feel sold.
Silver’s hanging in there better than gold. It defended the low 73s and is holding above 7500, but it hasn’t really proven much yet. Above 7700 would help and a move through 7800-7900 would start bringing buyers back. Under 7400 would be a different story. For now silver looks like it’s trying to hold together while gold still looks heavy.
Last Week in Review
Gold opened Sunday evening at $4,511 spot and then traded higher all week as weekend reports of a tentative 60-day Hormuz ceasefire extension – clearing mines within 30 days and easing shipping restrictions – compressed oil and the dollar, making the weekly high of $4,568 on Tuesday before Thursday’s simultaneous Q1 GDP revision to +1.9% and in-line April PCE reading briefly dragged gold to the weekly low of $4,380 on Iran re-escalation fears, before the PCE coming in at +3.8% YoY with core at +3.2% – broadly as expected – eased rate-hike fears and allowed gold to recover sharply on Friday, closing at $4,543. For the week gold was higher by $32 and finished near the middle of our range.
- The U.S. Dollar Index opened the week near $99.32 and fell steadily on Hormuz ceasefire extension hopes, closing Friday near $98.40 – a net weekly decline of approximately 0.92 points.
- The Gold/Silver ratio narrowed from approximately 62.0 to 59.3 on the week, declining 2.7 points as silver’s recovery from $72.75 to a Friday close of $75.80 significantly outpaced gold’s more modest bounce.
Last Week’s Price Ranges
| Market | Gold | Silver |
|---|---|---|
| Open | 4,511 | 72.75 |
| High | 4,568 | 77.78 |
| Low | 4,380 | 71.50 |
| Close | 4,543 | 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.
