Compiled 04/13/12 6:00 AM (CT) Statistics: London Gold Fix $1,670.50 +15.00 LME Copper Stocks 264,400 tons -1,675 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) After a low to high swing this week of almost $50 an ounce, the June gold contract might have entered the action today a touch overbought technically. Therefore some of the weaker action this morning is probably the result of profit-taking, that in turn was probably brought on by less than stellar Chinese growth readings. With the Chinese data undermining the Euro and lifting the dollar, it isn't surprising to see gold pressured somewhat by adverse currency market action. However, some Asian equity markets were able to spin the Chinese news into a positive, by suggesting that the data might clear the way for Chinese easing ahead. On the other hand, gold traders will probably be put off balance by weakness in a host of physical commodity markets this morning, as macro economic sentiment has returned to a somewhat skeptical posture in the wake of the rise in US claims yesterday, an apparent on-hold stance by the US Fed this week and perhaps because of some residual concern toward Spanish Financial institutions overnight. However, gold might draft some minimal support from an upward revision in a gold price forecast from a European brokerage firm. On the other hand, the prospect of muted US inflation readings probably won't do much to alter the early weaker bias in gold prices, especially if US equities remain weak into the Wall Street opening. Comex Gold Stocks yesterday were put at 10.993 million ounces for a daily decline of 161,789 ounces. Comex Gold Stocks are now at the lowest levels since 05/26/2011. Gold stocks have declined 13 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian equity markets were somewhat put off by softer than expected Chinese GDP readings but many markets in that region managed to recover off the idea that the softer Chinese data might clear the way for more Chinese stimulus ahead. European markets were weaker to start, as some investors came away from the Chinese readings disappointed in near term prospects. Record borrowing by Spanish banks in the month of March was another development that seemed to prompt some fresh contagion concerns, especially since that news came in the wake of the Chinese GDP disappointment. Early in the US Friday session, share prices were weaker in what would appear to be a precursor to a risk off day. The US economic report slate might not cause much of a change in the early track of sentiment as the CPI report follows the PPI report release from yesterday and there doesn't look to be much of a surprise due out from the inflation front. There will also be a private consumer sentiment survey and a couple Fed speeches but the Fed this week seemed to make sure the markets realized that Fed policy could swing in either direction depending on what was dictated by the US economy.