Compiled 06/01/12 6:00 AM (CT) Statistics: London Gold Fix $1,552.50 $-15.00 LME Copper Stocks 230,875 tons +200 tons. GOLD MARKET FUNDAMENTALS: (6:00 AM CST) With evidence of slowing flowing from a very long list of countries again overnight, talk of a return to a deep recession being seen in many media outlets and most central bankers still content to watch current affairs unfold there doesn't look to be much respite from the prevailing selling pattern in most physical commodity markets. The bull camp has to hope that weak US data will eventually spark action, but in the near term, weak scheduled data is probably capable of pressing gold prices even lower. With the last positioning report putting the non reportable and non commercial net long positioning in gold still at a somewhat lofty 130,000 contracts and August gold this morning sitting only $24 an ounce below the level where that positioning was measured, the bear camp might be confident in the prospect of even more long liquidation ahead. With a global slowing views becoming more entrenched even a positive US payroll number this morning might have only limited influence on gold prices. In fact, gold dealers have suggested that physical demand hasn't improved yet, partially because gold prices have yet to become notably cheaper relative to the lows seen just above the $1,550 level on the charts. The bull camp will probably attempt to play up US easing hopes in the event of weaker than expected US payroll data this morning, but in the face of that news, gold prices might initially be capable of falling to and below the early May lows. Comex Gold Stocks were 11.007 million ounces up 5,051 ounces. Comex Gold stocks are now at their highest levels in the past 10 sessions. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Overnight weak Chinese data extended slowing fears and expectations of faltering growth also served to pressure Indian shares lower last night. Once again weak Chinese manufacturing data was posted and more importantly that news didn't seem to foster easing talk in the Asian trade. Not surprisingly, European equity markets maintained the global slowing pattern with lower equity market action off weak Euro zone manufacturing data and an all time high in the Italian jobless rate. The US markets were also showing moderate early losses with some key measures falling down to the lowest levels since the May 21st spike lows. The US economic report slate today has the potentially critical US non Farm payroll report due out, with expectations for that report calling for a range of gains from just above 100,000 to as much as 160,000. The market will also be presented with Personal Income and Spending readings, a US ISM manufacturing reading and a US Construction Spending figure.