Compiled 02/08/12 6:00 AM (CT) Statistics: London Gold Fix $1,743.00 +$23.00 LME Copper Stocks 316,350 tons -3,650 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) While the gold market did manage to carve out another new high for the move overnight, gold prices were initially unable to hold that upside breakout on the charts. Gold continues to draft support off two factors, hope for a Greek debt deal and from ideas that US QE3 is still possible. While the gold market corrected aggressively off the idea that recent payroll readings might have reduced QE3 odds, the Fed's Bernanke yesterday in testimony to Congress might have revived easing hopes for some players. On the other hand, Bernanke might have indirectly lifted gold and other physical commodities by his suggestion that Congress needs to act sooner rather than later on the Bush tax cuts. While the Chairman didn't endorse an opinion on the tax cuts, he made it clear that waiting too long to decide the fate of the tax policy could cause damage to the economy and to US businesses. News that the Chinese raised the official retail price of gasoline and heating oil back to record levels might be seen as a move that could dampen inflation, or the hike could be seen as a move that might serve to slow the Chinese economy again. In looking ahead, the gold market probably needs to see further signs of progress from Greece to return to last week's highs, as news on this side of the Atlantic will be somewhat thin today. Comex Gold Stocks were 11.431 million ounces up 64,300 ounces. Gold stocks have declined in 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian equity markets were definitively higher overnight, with the Nikkei managing to reach a fresh 3 month high. European equity markets were also higher off optimism toward a Greek deal, but noted strength in financial sector shares gave that action some added credence. However, US stocks were waffling around both sides of unchanged early today and that could suggest the US markets will need further signs of progress from Greece to rise even further. The US economic report slate is almost empty today with a weekly mortgage application survey due out early and a mid day auction of $24 billion of 10 Year notes the only scheduled events. The trade will also see a Fed speech from the San Francisco Fed's Williams at mid morning and given a lack of scheduled news, that speech might have a more significant impact on the markets. In conclusion, follow through gains in international equity markets, higher energy price action and strength in the Euro early today has ushered in a mixed opening for the precious metals complex.