Compiled 04/04/12 6:00 AM (CT) Statistics: London Gold Fix $1,631.00 -$43.00 LME Copper Stocks 259,675 tons -975 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) From this week's highs gold has already forged a decline of $55 an ounce, with the brunt of that slide laid at the feet of the Fed. Clearly a number of gold longs were dependant on residual support from the Fed and from a rather stellar US economic track. With market expectations for QE3 curtailed for the time being that will probably make the US scheduled data flows directly ahead even more critical to the ebb and flow of gold prices. Without the promise of additional easing from the US Fed, the bull camp in gold probably needs at or above expectation Non farm payroll readings on Friday just to arrest the downward bias in gold prices. While the gold market could have been cheered by a solid UK PMI result overnight, surging yields on Spanish debt probably countervailed any potential to drift back toward a risk on environment. In fact, with noted declines seen in South African gold mining shares, it is apparent that the risk off environment has served to undermine almost every layer of gold and gold investment. Some traders suggest that the last COT positioning report left the gold market vulnerable to extensive long liquidation and with the June gold contract flirting with the lowest levels in 2 1/2 months it is possible that gold could see some additional technical stop loss selling pressure, especially if the March 22nd low is taken out. Comex Gold Stocks were 11.407 million ounces up 54,812 ounces. Stocks have declined 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian equity markets were weaker overnight, with the New Zealand market managing to go against the regional down trend with a minor gain. However, reaction to news that China might move to break up a bank monopoly was unclear overnight, due to a market holiday. European stocks were weaker overnight off the disappointment from the US Fed but perhaps some selling pressure was also seen from a concerning Spanish debt auction that saw yields climb to the highest level since January and that in turn seemed to apply some added pressure to European equities. The European markets didn't seem to be getting much support from the prospect of something positive from today's ECB meeting. US stocks were definitively weaker overnight, with the FOMC meeting minutes pushing many investors toward the exits. Given the downgrade in US growth prospects in the wake of the FOMC meeting minutes release yesterday, it is possible that the bar on upcoming US economic readings will be raised slightly. In other words, numbers under estimates could have a noted negative impact on physical commodity prices. From the scheduled report front, the US markets today will see a private jobs forecast, that supposedly will come in around +200,000 and there will also be an ISM Non Manufacturing report released in the early Wednesday trade.