Guardian Weekly Market Report – Issue 220
Issue 220 – The Week of June 8th, 2026
Key Resistance and Supports this Week
Gold
| Support | Resistance |
|---|---|
| 4,280 | 4,340 |
| 4,224 | 4,376 |
| 4,126 | 4,420 |
| 4,000 | 4,530 |
Silver
| Support | Resistance |
|---|---|
| 67.00 | 69.00 |
| 63.00 | 71.00 |
| 60.00 | 73.00 |
| 55.00 | 76.00 |
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Reports of Note Due This Week
Inflation is the entire story this week. The May CPI on Wednesday and PPI on Thursday are the final inflation inputs Warsh’s committee will see before the June 16-17 FOMC decision, and with the blowout May NFP (+172K vs. 85K expected) having already reset the rate-hike debate, a hot CPI would make hawkish statement language at next Wednesday’s FOMC nearly unavoidable. Note that the FOMC pre-meeting blackout began Saturday June 7 – there are no Fed speaker appearances scheduled this entire week, meaning data prints and Iran/Hormuz geopolitical headlines are the only catalysts in play.
- Monday, June 8
No tier-1 U.S. data releases. Markets trading in NFP aftermath with DXY above 100 and gold below $4,325. Geopolitical headlines dominant; Iran/Hormuz ceasefire extension status unresolved.
- Tuesday, June 9
6:00 AM ET: NFIB Small Business Optimism (May) Prior: 97.4. A leading indicator of small business hiring and capex sentiment under the current stagflationary environment.
- Wednesday, June 10
8:30 AM ET: Consumer Price Index (May) Forecast: Headline ~+0.4% MoM / ~+3.6% YoY
8:30 AM ET: Core CPI (May) Forecast: +0.2% MoM / +2.8% YoY (Wells Fargo). The week’s defining release and the final inflation read before the June 16–17 FOMC. A headline print above 3.8% would formally validate rate-hike guidance language; a surprise miss in core at or below 0.2% is the only near-term catalyst capable of structurally reversing gold’s current downtrend.
- Thursday, June 11
8:30 AM ET: Producer Price Index (May) Prior: +0.5% MoM. The ISM Manufacturing Prices Paid sub-index came in at 84.6 in May – a multi-year high – flagging significant upside risk to this print.
8:30 AM ET: Initial Jobless Claims | Prior: 213K.
- Friday, June 12:
8:30 AM ET: Import and Export Price Index (May)
10:00 AM ET: University of Michigan Consumer Sentiment Preliminary (June) Prior: 47.6 (all-time low). One-year inflation expectations prior: 3.4% – this component is a critical input for the Fed’s June statement.
Geopolitics
Israel and Iran exchanged direct strikes for the first time since the April ceasefire, triggered by Israeli attacks on Beirut’s southern suburbs. Iran fired approximately 30 missiles at Israel, targeting two air bases, while Israel struck petrochemical facilities and military sites across Iran. Trump publicly urged both sides to stop shooting and claimed both nations wanted an “immediate ceasefire.” Iran subsequently announced a suspension of military operations but warned of harsher retaliation if Israeli aggression continued, including in Lebanon. The EU imposed sanctions on Iran’s IRGC Navy over the Hormuz blockade. Oil prices spiked then partially retreated on news of Iran’s pause.
Chinese President Xi Jinping arrived in Pyongyang for a state visit marking the 65th anniversary of the China-North Korea mutual defense treaty, greeted by a grand welcome ceremony. Analysts note Kim Jong Un is hosting Xi from an unusually strong position, buoyed by battlefield experience gained from deploying troops to Russia, recovered economic conditions, and an advancing nuclear program. Xi called the friendship “unbreakable” while seeking to reassert Chinese influence over a Pyongyang that has grown closer to Moscow. Kim visited a nuclear material facility days before Xi’s arrival, signaling his arsenal is non-negotiable.
Armenian Prime Minister Nikol Pashinyan claimed victory in parliamentary elections with nearly 50% of the vote, securing a mandate to continue distancing Armenia from Russia and pursuing EU integration. His pro-Russia rival, billionaire Samvel Karapetyan, finished second with 23%. The EU hailed the result as a sign of Armenia’s democratic trajectory. Russia had recently imposed trade restrictions on Armenian exports and issued thinly veiled threats ahead of the vote. Pashinyan’s Civil Contract party won enough seats to govern without coalition partners.
Speaking at Russia’s annual St. Petersburg International Economic Forum, Putin dismissed Zelenskyy’s call for direct talks, saying experts must first reach agreement before leaders meet to “sign things.” The forum came two days after Ukrainian drones struck the city, setting an oil terminal ablaze and disrupting flights. Putin touted BRICS as surpassing the G7 and spoke of Russia’s readiness to end the Ukraine war diplomatically while maintaining Russian control over annexed Ukrainian territories as a precondition. A small U.S. delegation attended for the first time in years.
The Call
Gold bounced off 4330 again and silver found buyers in the mid-6600s, but neither market has really changed character. Gold remains below the weekly cloud and below 4569, which keeps the bigger picture bearish. The short-term chart bounced, but it still needs to reclaim 4418 before it starts looking better. Silver still looks weaker. Five weeks lower, still below cloud resistance, and every rally seems to run into sellers. The bounce is welcome, but it hasn’t fixed much. Iran isn’t going away. Hormuz is still part of the story, oil is holding up, and the dollar remains firm. Gold has had reasons to do more and hasn’t. Silver hasn’t helped the case either. That’s worth paying attention to. For now, gold needs 4418 back. Silver still needs to get back above 6821 before it starts looking steadier.
Last Week in Review
Gold opened Sunday evening at $4,543 spot and then traded lower all week as the unsigned Hormuz 60-day ceasefire extension kept geopolitical uncertainty elevated, Hezbollah’s Thursday rejection of a Lebanon ceasefire further pressured sentiment, and the stunning May NFP print of +172,000 – more than double the 85,000 consensus – sent gold to a weekly low of $4,312 on Friday before a partial recovery closed the week at $4,340, marking the worst single-week decline since the March selloff began. For the week gold was lower by $203 and finished near the lower end of our range.
- The U.S. Dollar Index opened near $98.40 and climbed steadily all week, surging on Friday’s NFP to close above 100 at approximately 100.01 – a net weekly gain of 1.61 points and its highest level since early April.
- The Gold/Silver ratio widened sharply from 59.3 to approximately 63.3 on the week, gaining 4.0 points as silver’s 9.5% weekly decline from $75.80 to a close of $68.57 dramatically outpaced gold’s 4.5% fall.
Last Week’s Price Ranges
| Market | Gold | Silver |
|---|---|---|
| Open | 4,543 | 75.80 |
| High | 4,543 | 75.80 |
| Low | 4,312 | 67.57 |
| Close | 4,340 | 68.57 |
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.
