Compiled 10/23/12 6:00 AM (CT)Statistics: London Gold Fix $1,717.00 -$8.00 LME Copper Stocks 222,600 tons +175 tonsGOLD MARKET FUNDAMENTALS: (6:00 AM CST) The bulls will point out that December gold initially managed to take out the prior session's high, while the bear camp will suggest that gold prices enter the US Tuesday trade action sitting just above the prior two session's lows. As opposed to yesterday, gold is facing a negative outside market environment, with weaker equities, adverse currency market action and weakness in a host of physical commodity markets. Apparently an up tick in Indian gold demand was seen overnight in the face of a fresh 5 day low in gold prices, but that news didn't seem to provide much of a cushion to gold prices overnight.Another element that didn't seem to provide gold with much support is news that workers still haven't returned to work at a Gold Fields Mine in South Africa. However, some traders expect gold to derive some lift from the coming FOMC meeting statement on Wednesday afternoon.All things considered, talk of increased physical gold demand on the recent slide to new lows for the move, has to be somewhat encouraging to the bull camp, as that might give pause to the sellers and in turn give some confidence to the bull camp. However, with fears of slowing sales activity undermining global equities, the Richmond Fed survey results later this morning are likely to influence on gold prices, especially since the gold market hasn't seen much in the way of significant data results from the US since last Friday morning.Comex Gold Stocks were 11.243 million ounces up 161 ounces. Comex Gold Stocks are now at the highest levels since 04/04/2012. Gold stocks have increased in 12 of the last 20 days.OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Hong Kong stocks were closed for holiday, while mainland Chinese shares were mostly lower in the face of weakness in financial, Mining and manufacturing shares. European shares were also weaker because of discouraging earnings news and fears of slowing 3rd quarter growth. US shares were definitively lower to start today following the weakness in international markets overnight and also because of disappointing revenues and guidance from Caterpillar yesterday.While some US scheduled data points recently have been positive, the market is apparently growing increasingly concerned about a slowing of sales activity into the coming US fiscal cliff. The Fed begins a 2 day FOMC meeting today, but the trade isn't expecting any news from that front until Wednesday afternoon. The US will also see a Richmond Fed Manufacturing survey released later this morning.