Market Snapshot – Markets Have Been Stable

The markets have been pretty much stable over the last 24 hours and the Asian markets have also moved higher and managed to close higher during this time. The European markets have taken a cue from them and they are trading in a strong and steady manner at this point of time but the worries over Italy and the situation over there is something that continues to concern and impact the markets, both directly and indirectly. It is something that the traders and the investors are truly worried about and that is why we are seeing them holding back as far as investing in the markets on a large scale is concerned. This is the cause for the choppiness in the markets over the last few days and it is expected that this will continue for the short term. The market is waiting for the turnaround so that the people can start buying again and if and when that begins, there should be a quick run.

The gold markets have also been stable but on the weaker side. As we have been saying many times over, the weakness in the gold markets is here to stay and this is likely to keep the prices under pressure for the short and medium term. The bulls are trying to do their bit in keeping the prices near the $1300 region but so far, it seems as though they are fighting a lost battle against the bears. The prices are looking to weaken towards the $1280 region and it will be important to watch the price action in that region to see whether the weakness would continue or whether there would be a double bottom formed in the short term which should help in the rebound of the prices during this period. The bulls would be hoping that it happens.