Compiled 05/04/12 6:00 AM (CT) Statistics: London Gold Fix $1,629.50 -$13.00 LME Copper Stocks 230,625 tons -4,575 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) With another new low for the move overnight, it would seem like the bear camp has retained its control into the last trading session of the week. Noted weakness in energy prices, ongoing declines in equities and adverse currency market action leaves the bear camp in gold with the outside market edge to start the Friday US trade. The bull camp in gold doesn't seem to have a definitive theme working in its favor this week, as patently weak US data hasn't been able to foster talk that the US Fed will act soon to provide additional support to the US economy. The market has continued to see predictions of slack Indian gold demand but that news was offset by talk of steady to strong demand for gold in China. In order to throw off concerns of slowing in the US today probably requires a non farm payroll gain in excess of 190,000, while a non farm payroll gain of less than 160,000 could point to an economy that is clearly losing momentum. The difficult question for gold traders is whether or not gold will be able to benefit in the face of a patently weak number today, as a weak number could pressure stocks, industrial commodities and it could also prompt adverse currency market action. In fact, even in the face of positive Non Farm payroll news, it is not clear that will provide gold with anything other than simple short covering buying. Perhaps the worst case scenario for the gold bulls today, would be a slightly weaker than expected reading, as that would allow deflationary/slowing type selling to continue, but that might not be enough to prompt widespread talk of action from the US Fed. Comex Gold Stocks were 11.048 million ounces up 49,470 ounces. Comex Gold stocks are at their highest levels in the past 10. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian equity markets were weaker ahead of the US jobs numbers but it should be noted that Shanghai shares were able to claw out some minor gains today. European equity markets were mostly weaker to start today and that action was probably inspired by another contraction in Euro zone services PMI data. However, Euro zone March retail sales figures were positive and stronger than expectations and that might have served to countervail some of the ongoing macro economic slowing concerns in that region. Expectations for the US Non Farm payroll report are all over the board, with some economists concerned about a residual weather impact from warm weather earlier in the year.