Gold, Silver, Platinum – Platinum Dives 2.7% As China’s Manufacturing Sector Remains Under Pressure

Vladimir Zernov
Updated: May 31, 2023, 20:47 GMT+00:00

China's Manufacturing PMI declined from 49.2 in April to 48.8 in May, which was bearish for platinum markets.


In this article:

Key Insights

  • Gold gained some ground as traders remained focused on U.S. debt ceiling vote. 
  • Silver moved towards the $23.50 level as gold/silver ratio declined. 
  • Platinum found itself under strong pressure after the release of disappointing economic data from China. 


Gold 310523 Daily Chart

Gold is swinging between gains and losses despite strong dollar. It looks that demand for safe-haven assets is rising ahead of the debt ceiling vote.

If gold settles above the resistance at $1965, it will head towards the next resistance level, which is located at $1980. On the support side, a move below $1965 will push gold towards the support at $1950.

R1:$1965 – R2:$1980 – R3:$2000

S1:$1950 – S2:$1930 – S3:$1915


Silver 310523 Daily Chart

Silver continues to rebound as gold/silver ratio moves away from recent highs. Traders bet that gold/silver ratio may decline from 84 towards the strong support in the 78-80 area.

If silver climbs above the $23.50 level, it will head towards the resistance at $23.80. A move above $23.80 will push silver towards the resistance level at $24.10.

R1:$23.50 – R2:$23.80 – R3:$24.10

S1:$23.25 – S2:$22.90 – S3:$22.60


Platinum 310523 Daily Chart

Platinum retreats as traders focus on the disappointing economic data from China. The Chinese manufacturing sector remains under pressure, which is bearish for platinum markets.

In case platinum settles below the $1000 level, it will head towards the support at $980. A move below $980 will push platinum towards the support at $960.

R1:$1000 – R2:$980 – R3:$960

S1:$1015 – S2:$1040 – S3:$1065

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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