Compiled 01/25/12 6:00 AM (CT) Statistics: London Gold Fix $1,659.00 -$10.00 LME Copper Stocks 342,250 tons -3,525 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) With a sharply lower opening slide in February gold this morning, the bear camp in gold probably feels like they have the edge. The gold market might also be seeing some modest selling pressure from a weaker euro and generally weaker global equity market action. Some players think that the gold market will eventually garner some fresh support from Fed commentary today which is largely expected to remain supportive of the economy, because of ongoing high unemployment and also because of fears of knock on slowing from the Euro zone. The Asian gold trade noted some jewelry buying overnight, which might suggest that some players see some developing value in gold after a modest correction of almost $29 an ounce from this week's highs! On the other hand, the potential for muted inflation forecasts from individual Fed members later today could be something that provides some gold bears with an excuse to pressure gold prices later on. Overnight the IMF raised December gold reserves at 6 countries and reduced December gold reserve holdings at 3 countries. Comex Gold Stocks were 11.469 million ounces up 60,201 ounces. Stocks have declined 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) European equity markets were generally weaker this morning, while many Asian markets remain closed due to holiday. The markets saw weak UK GDP readings overnight and that might have contributed to fresh concerns of global slowing off residual problems in the Euro zone. However, the European markets were still concerned with the lack of forward progress on the Greek debt negotiations but they weren't overly interested in the fact that German business sentiment rose for the 3rd straight month! Today the markets are looking ahead to the end of a two day US FOMC meeting, with the Fed taking the added step of releasing individual Fed member interest rate forecasts today. The US trade will also see a Pending Home sales report and a mass layoffs release. Expectations call for a slight contraction in pending home sales figures. There will also be an auction of $35 billion in 5 Year US notes at mid session today. The US Dollar has started out stronger against the euro, although the Euro showed some bounce in the wake of the positive German business sentiment figures. In conclusion, the Pending home sales report might be the critical early morning event today, while the FOMC statement at 11:30 might dominate the mid day trade. However, the tone into the close today is likely to be dominated by the Fed's new interest rate forecast effort.