Compiled 11/23/11 6:00 AM (CT) Statistics: London Gold Fix $1,686.00 -$11.50 LME Copper Stocks 397,525 tons +450 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) After such a significant upside effort in the prior trading session, one might have expected to see gold prices this morning under more definitive pressure. However, December gold has started off softer and the bull camp has to hope for strong enough US scheduled data flows to offset what seems to be a deteriorating Euro zone debt crisis. Not surprisingly, gold prices overnight were unable to benefit from favorable Indian gold demand talk and that highlights the markets tunnel vision on the EU crisis. At times yesterday, gold seemed to be rising like a flight to quality instrument, but some traders suggested that some of the optimism toward gold yesterday might have been the result of news of a meeting Thursday, of top EU officials, as that in turn fostered talk of renewed efforts to implement a Euro bond scheme. In the mean time, gold is likely to take direction from US equities as the status of the sovereign debt crisis looks to dominate gold market sentiment. While protests continue in Egypt that situation is thought to be causing only minor pressure on gold prices. The gold market bulls probably need favorable US scheduled data to begin to underpin gold prices against more Euro zone inspired losses. Some traders think the heavy slate of US data will simply be a sideshow, with a limited impact on gold prices today. However, in the event that scheduled US data is overtly weak, that could enhance the initial control held by the bear camp in gold to start the trade today. Comex Gold Stocks were 11.235 million ounces down 200 ounces. Stocks have declined 13 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia and Europe were mixed during overnight trading, early indications are that US equity markets will open with moderate losses later on today. The US Dollar is stronger against most of the major currencies this morning. There are reports that Belgium has asked to renegotiate the bailout of Franco-Belgium bank Dexia that in turn could place more of a burden on France. Today's auction of German 10-year Bunds failed to receive bids for 35% of the maximum sales target. A private survey of Chinese manufacturing was at 48.0, lower than expectations. Euro zone Industrial Orders during September were -6.4%, much weaker than market forecasts. A private survey of German manufacturing during November was 46.9, also lower than market expectations. The final leg of the Treasury's refunding, the 7-Year Note auction, will have results announced at 12:00 PM. Major US economic numbers to be released this morning include Weekly Jobless Claims, October Durable Goods and October Personal Income and Consumption at 7:30 AM, a private survey of Consumer Confidence just before 9:00 AN, the Kansas City Fed's manufacturing index at 9:00 AM, and a private survey of mortgage applications released before the opening.