Compiled 02/07/12 6:00 AM (CT) Statistics: London Gold Fix $1,720.00 +$3.00 LME Copper Stocks 320,000 tons -3,150 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) While April gold has managed to avoid a fresh downside breakout on the charts in the early going, prices were within close proximity to a downside breakout. Weaker equities, a weaker euro and more concern than optimism toward Greece, probably emboldens the bear camp to start today. While some traders hoped gold would see some flight to quality buying off escalating anxiety toward Greece, that line of thinking hasn't garnered a major foothold in the trade this week. Gold might have been disappointed in the lack of a rate cut from the Australian Central bank overnight and it is also possible that gold was indirectly undermined by news that Saudi Arabia thinks it would be premature to promise funds to the IMF/EU bailout effort. With protests and strikes underway in Athens, that could fan anxiety on the Greek default watch and that issue might be expected to keep up pressure on gold and other physical commodity prices. In fact, gold might see some added pressure today, in the event that demand for US Treasury supply is strong, as that might confirm a continuation of a risk-off psychology. Comex Gold Stocks were 11.366 million ounces down 157,445 ounces. Stocks have declined 12 of the last 20 days. Comex Gold stocks are at the lowest in the past 10 readings. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian equity markets were mixed to lower overnight, with Australian equity markets apparently disappointed by steady interest rate policy from the RBA. European equities were also weaker off slack corporate results and perhaps because of residual anxiety from the lack of a Greek debt deal. Economic news overnight was somewhat negative, with German December industrial output a disappointment to some economists. The US economic report slate is somewhat thin today, with weekly private chain store sales followed by a US Labor Department report on job openings and labor turnover for December. At mid day, the markets will see a US debt auction of 3 Year notes, with a US Consumer Confidence reading due out later on. At least to start it would seem like global equity markets are weak off Euro zone fears and the interest or lack of interest in the US Treasury auction at mid session, might be seen as a key measure of sentiment today for a number of markets.