Compiled 02/24/12 6:00 AM (CT) Statistics: London Gold Fix $1,778.50 +$1.50 LME Copper Stocks 303,500 tons -1,375 tons Shanghai copper stocks -1,056 tons to stand at 216,086 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) With April gold to the recent highs forging a rally of roughly $62 an ounce, the bear camp might suggest that the market is somewhat technically overbought. However, the bull camp in gold probably feels emboldened by favorable global equity market action, positive progression in the Greek debt saga and hopes of positive US housing sector data flow later this morning. The bull camp is also touting a noted rise in open interest in the futures in the wake of the recent rally in gold prices, and to some traders that gives the recent run up some additional technical credence. With gold generally tracking physical commodity market fundamentals and the Greek situation seemingly holding a positive track overnight, the trade might try to retest yesterday's highs in the event that US scheduled data is positive. The gold trade also has the benefit of supportive currency market action at the start of today's US trade. Many gold traders are already looking ahead to the next EU summit which begins next week! Comex Gold Stocks were 11.425 million ounces down 128. Stocks have declined 13 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 higher overnight, with the Japanese market holding onto a noted upside breakout from the prior trading session. In fact, Japanese stocks are reportedly close to posting their best February action in nearly two decades, and that combined with the recent downside breakout in the Yen would seem to suggest that anxiety in general is on the decline. European equity markets started off higher and were given a slight boost by news that the Greeks were undertaking a debt swap, which in turn would put that country in a position to receive the next aid tranche from the ECB. With the US equity markets showing signs of forging a fresh upside breakout on the charts this morning and attitudes in international markets upbeat, the risk-on crowd has to feel like they have an edge over the risk-off crowd in the this morning's US action. The main release of the day from the US could be the hew home sales report, which is generally expected to be higher. The markets will also see a Michigan sentiment report and two Fed speeches before mid session. Therefore the markets could get a moderate amount of guidance on the economy well ahead of mid session today.