Gold 
“Platinum Price Outlook
After starting the month on a strong note, platinum prices softened over the course of May. The weakness in platinum prices was in line with the broader precious metals complex.
Healthy commercial vehicle demand and stronger than expected economic growth has been supportive of platinum fabrication demand and prices. Concerns of supply disruptions from South Africa, due to electricity outages, should also help to continue providing support to prices.
That said, the platinum market is moving into a period of seasonal weakness in prices which could act as a headwind to the metal’s price in the near term. There also are growing concerns that the Fed and other central banks may need to tighten monetary policy further to help curb inflation. The negative consequence of such tightening on future economic growth could also begin to be priced into platinum prices over the next several months.
On the downside, platinum prices have support around the $975 level over the next few months. If this level is broken, prices could potentially fall back toward $900 or even $875. On the upside, platinum prices have resistance at the $1,125 level. This level is unlikely to be broken in the absence of a supply side disruption.”
*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
