Compiled 05/23/12 6:00 AM (CT) Statistics: London Gold Fix $1,555.00 $-20.75 LME Copper Stocks 225,700 tons +1,725 tons. GOLD MARKET FUNDAMENTALS: (6:00 AM CST) A range down extension was seen in gold prices overnight, with global slowing fears seemingly present from almost all geographical regions. Apparently the markets have lowered their expectations of constructive results from the current EU summit and that in turn has escalated fears that Greece will exit the Euro zone. In fact, talk that the EU has set up a Greece work group has prompted fresh talk that the EU is possibly preparing for an exodus. Even more disconcerting for the bull camp in gold is a series of reports overnight pointing to slowing economic activity in the Pacific Rim and ongoing adverse currency market action. At times, gold has exhibited hopes of easing from the US, but recent comments from US Fed officials seemed to suggest that it would take more evidence of severe US slowing or a more significant knock on slowing threat from the Euro zone just to bring the US Fed off the bench. If the gold trade is hopeful of easing from the US, then gold prices might be expected to weaken further in the event that US new home sales meet expectations for a minor rise later this morning. While the trade continues to see evidence of equity investor liquidation of gold instruments, one brokerage firm has suggested that type of action could be a signal that gold is now ridding itself of weak handed longs. Comex Gold Stocks were unchanged at 11.002 million ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian shares were under pressure overnight with Hong Kong shares reaching the lowest levels since late January. European equity markets were also showing renewed weakness, as key EU leaders openly debate the next steps to insure the survival of the Union. News that the EU set up a working group on Greece seemingly hints to some, that the troubled EU nation Greece might be poised for an exodus, while others think the EU is simply working even harder to keep Greece within the alliance. As least into this morning's trade, expectations for something substantial from the EU summit are running very low and there continues to be ongoing concern for a tranche of debt offerings on Thursday morning. The US economic report slate today presents US new home sales and since that news follows a noted jump in US existing home sales readings yesterday, there might be some minor hope for another decent reading from the US housing sector.