Guardian Weekly Market Report – Issue 184
Issue 184 – The Week of September 8, 2025
Issue 184 – The Week of September 8, 2025Key Resistance and Supports this Week
Gold
| Support | Resistance |
|---|---|
| 3,430.00 | 3,460.00 |
| 3,400.00 | 3,485.00 |
| 3,350.00 | 3,520.00 |
| 3,300.00 | 3,560.00 |
Silver
| Support | Resistance |
|---|---|
| 39.50 | 40.00 |
| 39.00 | 40.50 |
| 38.50 | 41.00 |
| 38.00 | 42.00 |
Subscribe to our Newsletter
Subscribe To Guardian Gold’s Newsletter
Your email address will be used solely for sending you our newsletter and will never be sold, shared, or misused.
Reports of Note Due This Week
- Monday at 3:00 PM ET – Federal Reserve G.19 Consumer Credit (July)
- Tuesday at 6:00AM ET – NFIB Small Business Optimism Index (Aug)
- Wednesday 8:55 AM ET – Redbook Retail Sales Index.
Wednesday 10:00 AM ET – Wholesale Inventories (Jul, final) - Wednesday 7:00 AM ET – MBA Mortgage Applications.
Wednesday 8:30 AM ET – Producer Price Index (PPI) for August. - Thursday 8:30 AM ET – Producer Price Index (PPI) for August.
Thursday 8:30 AM ET – Consumer Price Index (CPI) & Core CPI (Aug). - Friday 8:30 AM ET – Import & Export Price Indexes (Aug)
Friday 2:00 PM ET – Monthly Treasury Statement (Aug)
Geopolitics
The Trump administration has asked the Supreme Court to fast-track a ruling on whether the president has authority to impose sweeping tariffs under emergency law. The move follows a divided Federal Circuit Court decision that Trump exceeded his powers under the International Emergency Economic Powers Act (IEEPA), which permits trade regulation during national emergencies but does not explicitly authorize global, indefinite tariffs. The tariffs at issue include “reciprocal” duties ranging from 34% on China to 10% globally, as well as 25% tariffs on certain goods from Canada, China, and Mexico. Businesses and several states are challenging the policy, arguing it has harmed small firms. While tariffs remain in effect until at least October 14, the Justice Department urged the Court to hear the case quickly, citing risks to trade negotiations. Economists warn the tariffs boost revenue but raise inflation and slow growth.
Russia launched its largest air assault on Ukraine since the war began, firing 805 drones and 13 missiles overnight, Ukrainian officials said Sunday. Kyiv’s main government building was set ablaze in the Pecherskyi district, marking the first strike on such a symbolic site, while other cities including Zaporizhzhia, Kryvyi Rih, Odesa, and areas of Sumy and Chernihiv also came under attack. At least four people were killed, including an infant, and more than 20 were wounded in Kyiv alone as residential blocks caught fire from falling debris. Ukrainian leaders condemned the strikes as deliberate attempts to prolong the war, with President Volodymyr Zelenskyy renewing appeals for stronger air defenses. The barrage comes amid stalled peace efforts, with Russia resisting ceasefire calls and deepening ties with China, while Western allies debate additional security guarantees and military support.
Undersea cable cuts in the Red Sea disrupted internet service across parts of Asia and the Middle East, with outages reported in India, Pakistan, Saudi Arabia, and the UAE. Microsoft confirmed higher latency linked to fiber damage, while watchdog NetBlocks cited failures on the SMW4 and IMEWE systems near Jeddah. The cause remains unclear: accidental damage from ships is possible, but the conflict with Yemen’s Houthi rebels has raised concern of deliberate targeting, though the Houthis deny responsibility. Repairs could take weeks, as specialized vessels must locate and fix the lines. The disruption comes amid heightened Houthi attacks on Red Sea shipping tied to the Israel-Hamas war, which have already drawn U.S. and Israeli strikes. The incident highlights the vulnerability of global internet infrastructure at a time of escalating regional instability.
The Call
Investors are clearly back from summer break – we blasted through $3,500 and now sit near $3,600, as gold continues its record run. Under the surface, there’s been little meaningful pullback in recent months – despite public selling, someone has been quietly buying. That’s almost certainly central banks maneuvering amid trade tensions and geopolitical uncertainty.
Now approaching $3,700 USD (and having crossed $5,000 CAD), gold is in uncharted territory. As someone once said: “I’m flat, but nervous.” The technicals reflect it – and institutions could start booking profits soon if momentum fades. Support lies at $3,550, $3,500, and $3,450; Resistance stands at $3,600, $3,650, and $3,700.
Last Week in Review
Gold opened the week at $3,371.23 /oz and drifted sideways early as traders awaited a wave of U.S. data. New‑home sales on Monday and durable‑goods orders on Tuesday had little impact, but Wednesday’s second‑quarter GDP revision came in slightly weaker than expected, encouraging some safe‑haven buying. On Thursday the core PCE deflator was modestly cooler, reinforcing expectations of a patient Fed and sending gold briefly to a weekly high of $3,454.08. Friday’s personal income/spending data and dovish Fedspeak kept the metal supported despite a mixed jobs report. By the close of trade on Friday gold settled at $3,447.99, well above its weekly low of $3,351.26, marking a gain of about $76 for the week
- The U.S. Dollar Index firmed modestly during the week, rising from around 103.0 to roughly 103.5 as traders braced for September’s jobs data and hawkish Fed messaging. The modest rise capped some of gold’s gains.
- The Gold/Silver Ratio: Gold’s outperformance was negligible; the ratio edged up from about 86.6 at the start of the week to 86.7 by Friday (open gold at $3,371.23 divided by silver at $38.93 vs. close gold $3,447.99 and silver $39.79)
Last Week’s Price Ranges
| Market | Gold | Silver |
|---|---|---|
| Open | 3,371.23 | 38.93 |
| High | 3,454.08 | 40.01 |
| Low | 3,351.26 | 38.08 |
| Close | 3,447.99 | 39.79 |
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.
