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Issue 94 – The week of December 4th, 2023

Key Resistance and Supports: Upcoming Week

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SupportResistance
2020.002097.00
1981.002140.00
1935.002157.00
1905.002218.00
Gold
SupportResistance
25.4225.81
25.0026.56
24.2427.31
23.4328.12
Silver

Reports of Note due out this week:

Markets watchers this week will get a better look at the labor market, starting with reports on job openings on Tuesday, the ADP employment report Wednesday, initial weekly jobless claims on Thursday and finally the unemployment report on Friday.

  • Monday sees the release of Factory Orders (October) at10:00 AM.
  • Tuesday at 9:45 AM sees the release of the S&P U.S. services PMI for November followed at 10:00 PM by ISM services for November. Also at 10:00 is Job Openings in October.
  • On Wednesday, we start off with ADP employment at 8:15 AM.  Median forecast is for an increase to 120,000 jobs created in October from 113,000 in September. At 8:30 AM, we see U.S. productivity(revision) for Q3 and U.S. trade deficit for October which is estimated at -$64.0B up from -$61.5B.
  • Thursday sees the weekly release of the Initial Jobless Claims for the week ending December 2nd. Forecast is a small increase to 224,000 from 218,000. At 10:00 AM we see the release of Wholesale inventories for October which are forecast -0.2%.
  • Friday sees the release of the November nonfarm Payrolls with a consensus of an increase to 190,000 jobs created from 150,000 the month before. The unemployment rate will also be out and is expected to be unchanged at 3.9%.

Geopolitics

North Korea has launched reconnaissance satellite operations following its first military spy satellite launch last month, according to state news agency KCNA. The satellite operations office at the Pyongyang General Control Centre of the National Aerospace Technology Administration started its mission on Saturday. North Korea claims the satellite successfully transmitted photos of US and South Korean military sites, sparking new sanctions. Meanwhile, South Korea’s Joint Chiefs of Staff Chairman visited frontline units amid heightened tensions, observing the restoration of guard posts and heavy weapons in the Demilitarized Zone border area. Additionally, South Korea recently launched its first spy satellite as part of efforts to enhance surveillance over the Korean peninsula.

Israel resumed airstrikes on Gaza after a truce ended, escalating tensions with Hamas. Despite hopes for a broader deal, the pause collapsed, leading to renewed violence. Hamas blamed Israel for the breakdown, while Israel accused Hamas of violating the plan. The resumption of fighting raises fears for Palestinian civilians and remaining hostages. Israel warned residents to leave southern Gaza, indicating an expansion of its ground offensive. International mediators are working to restore the ceasefire. The U.S. urged Israel to minimize civilian casualties. The conflict follows a deadly terror attack by Hamas. The renewed violence follows a brief period of respite and efforts to negotiate the release of hostages. Diplomatic efforts have shifted back to violence after a week of ceasefire.

Walmart is shifting its sourcing strategy, importing more goods from India and reducing reliance on China, according to new data. The move aims to diversify the supply chain, lower costs, and mitigate geopolitical tensions. Walmart’s imports from India have surged, with plans to reach $10 billion annually by 2027. India’s workforce and technological advancement make it an attractive manufacturing destination. The rising cost of labor in China and supply chain disruptions have also influenced the shift. Walmart’s strategy includes sourcing from countries like Pakistan and Bangladesh. This transition reflects a broader trend among U.S. importers to reduce dependency on single markets and strengthen supply chain resilience.

All 41 construction workers trapped in India’s Silkyara Tunnel in Uttarkashi for 17 days have been successfully rescued. Nitin Gadkari, the transportation minister, expressed relief and happiness over their rescue, praising the coordinated effort of multiple agencies. The workers were extracted through a passageway made of welded pipes and will undergo initial health checkups. Rescuers worked tirelessly, manually digging through rocks and debris after a drilling machine broke down. The workers survived on food and oxygen supplied through narrow steel pipes. The tunnel is part of the Chardham all-weather road project, aiming to connect Hindu pilgrimage sites, but some experts fear it may worsen fragile conditions in the Himalayas.

The Call

Gold had a fabulous week finishing at $2073.00 per ounce for a new spot price high for the metal.  We expect Gold to attempt a rally towards $2100.00 and run into short term resistance. If the $2100.00 resistance level is broken, we then see Gold pushing higher to $2150.00 – $2200.00 area.. If $2100.00 holds then a pull back down to retest support in the $1950.00 – $2000.00 level would be possible.

Last Week in Review

Gold opened Sunday evening at 2004.20 spot and then traded higher all week into Friday afternoon to hit an all time high of 2076.90  before closing at 2073.00.

Silver followed Gold and opened at 24.39 on Sunday evening and traded higher all week into Friday afternoon to hit a high of 25.58  before closing at 25.54.

  • The U.S. Dollar Index finished basically unchanged for the week  at 103.27.
  • The Gold/Silver Ratio closed stronger for the week at 81.5 ounces of silver for 1 ounce of gold.
GoldSilver
Open2004.2024.39
High2076.9025.58
Low2003.1024.32
Close2073.0025.54
Last Week’s Gold and Silver Ranges

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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.

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