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Issue 4 – The week of March 7, 2022

Key Resistance and Supports : Upcoming Week

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SupportResistance
19331990
19212000
19102025
Gold
SupportResistance
25.3325.95
25.1626.16
24.8826.39
Silver

Reports of Note due out this week:

Wednesday

  • US weekly crude stocks report. A drawdown on stocks would be bullish for both oil and gold

Thursday

  • US Consumer Price Index. A rise in consumer pricing would indicate inflationary pressure continues to grow which would be bullish for gold

Friday

  • CAD unemployment report. While not tied directly to the price of gold it can affect the value of the CAD dollar vs the greenback thus changing the price of gold in CAD terms

Geopolitics

Supply chain shortages enhanced by the war in Ukraine continue to drive up commodity market prices. As airspace restrictions force airlines to change to longer flight routes, associated shipping costs are rising as well. Combined with crude oil now trading near $125 a barrel, inflationary pressures show no sign of abating. This helped drive gold to the $2000 level in early Asian trading this morning before slipping as there were many sell orders at that level.

Global investors continue to pile into gold for its safe-haven qualities. Driven by the double-edged sword of surging commodity prices alongside inflation and stock markets around the world being crushed wiping billions of dollars from balance sheets. People are scrambling to prevent further losses to their portfolios.

There are reports that Russia will enact a ceasefire in Kyiv and other Ukrainian cities so civilians can escape.  More than anything it appears to be so they can get ready for the final push into Kyiv. This is going to be a terrible moment and the human cost will be truly tragic.

The Call

Look for precious metals to continue to rise this week. Surging energy and grain prices are only exacerbating inflation concerns. A classic moment where any precious metal price weakness is an opportunity to add to holdings.

Last Week in Review

  • Precious metals had a relatively quiet week until Friday‚Äôs US employment report came out much better than expected, driving gold and silver up significantly
  • Financial institutions continued to sever business ties to Russia and Russian customers
  • Supply chain impediments cascade across global markets with no end in sight
GoldSilver
Open191924.68
High197125.76
Low189124.11
Close197125.74
Last Week’s Gold and Silver Ranges
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