Compiled 04/26/12 6:00 AM (CT) Statistics: London Gold Fix $1,648.25 +$6.75 LME Copper Stocks 255,350 tons -1,050 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) With the June gold contract managing to take out the prior 4 session highs, with the overnight action, that could put some bear players back on their heels to start. However, commentary from the US Fed wasn't overly beneficial to gold and physical commodity prices and therefore the bull camp might need some additional assistance from US scheduled data flows today to extend the initial gains. Apparently many gold players think that the Fed will respond if necessary or many traders and investors might simply think that the US economy must be a capable of growing by itself or the Fed would have been more concerned with their comments yesterday. Some players think the gains today are merely a relief rally from shorts that were hopeful of a downward thrust off the Fed meeting. Apparently gold prices weren't overly concerned about news of an increase in gold output from a South African gold producer overnight as the focus of the gold trade remains on the ebb and flow of global investment demand and not on classic supply side developments. Gold might be garnering some lift from favorable Chinese demand predictions from a European bank overnight and perhaps gold is still drafting off lingering hopes that the PBOC is planning to implement some form of easing soon. With the initial gains setting a positive tone to start, it might not take much of a decline in US claims figures to propagate the positive vibe. It is possible that pending home sales will also add to the marginally positive tone, as estimates for that report call for a rise in sales from the prior month. Comex Gold Stocks were 10.942 million ounces down 51,091 ounces. Stocks have declined 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Equity markets in Asia were mostly higher overnight, with Shanghai stock prices closing minimally weaker. European markets were a little higher to start, but then gave ground and ended up with a mixed to lower trade. The US stock markets were showing minimally positive early action today, as the equity markets continue to draft somewhat positively off the recent statements from the Fed. The US economic report slate today is rather active, with Initial and Ongoing claims, a Chicago National Activity index and pending home sales figures. Initial claims are expected to show some minor declines and that could be something that adds to the minimal initial risk-on vibe that seems to have been put in place by the US Fed yesterday.