Compiled 05/02/12 6:00 AM (CT) Statistics: London Gold Fix $1,652.50 -$8.75 LME Copper Stocks 238,950 tons -2,600 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) A sharp jump in European unemployment to record high levels has gold and the metals complex under early pressure. While the markets were seemingly cheered by manufacturing data from the US and China earlier in the week, there continues to be a general fear of slowing dogging most physical commodity markets. At times this week, gold was clearly getting a lift from soft US data and the hope of additional Fed action, but that potential theme has been downplayed by Fed dialogue this week and that in turn could leave gold prices vulnerable to upcoming data. Therefore private jobs data, (which will be released early today) could set the tone of the gold trade for the session. The bull camp in gold will probably attempt to shape weaker data into a positive again today, but with the private jobs estimate this morning, potentially set to come in above the average estimate for Friday's monthly numbers, that could actually be seen as a positive economic development this morning. In other words, the gold trade this morning might be forced to temporarily deviate from hopes of near term US Fed assistance, but the gold trade might also be able to pick back up on that theme into and through the US Factory orders result due out later in the session. In other words, the second set of US scheduled data could rekindle slowing fears again, as expectations for Factory orders call for a decline from the prior period. Comex Gold Stocks yesterday afternoon were placed at 10.999 million ounces for a single day gain of 103,462 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian equity markets were higher overnight possibly as a catch up to the gains forged in US stocks on Tuesday. European markets were mostly higher and that was surprising considering that Euro zone jobless figures reached a fresh record high. US stock markets were showing a mixed early trade today, but it could take something positive from US data or from corporate earnings reports to countervail what feels like a minor early profit taking bias. There will be three Fed speeches throughout the trading session today and those speeches could provide surprise market reactions.
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