June gold futures are expected to open floor trading in New York around $11 an ounce higher Tuesday, based on electronic activity ahead of the pit session at the Comex division of the New York Mercantile Exchange. May silver is expected to be up about 27 cents an ounce. In overnight activity, spot gold held steady above a key psychological support on dollar weakness and positive technicals. Traders said gold was looking to equity and currency markets for cues that would help it extend its recent rally. At 7:55 a.m. EDT, spot gold was trading up $8.80 to $911.65. The euro was down to $1.3393 from $1.3416 late Monday, and the June S&P 500 futures are down 4 points. Fed Chairman Bernanke is scheduled to testify before Congress in Washington at 10 a.m. EDT (1400 GMT) U.S. economic reports on Tuesday include the April ISM Non-Manufacturing Composite Index at 10 a.m. EDT (1400 GMT), with the non-manufacturing PMI expected at 42.5. In New York Monday, concerns about the potential for inflation down the road, chart-based factors and a weaker U.S. dollar enabled gold and silver futures to rise sharply. Some of the buying was said to be technical in nature, particularly as certain chart points were hit on a day when markets overall were quieter than usual due to holidays in London and Tokyo. June gold futures rose $14 to $902.20; July silver rose 61.3 cents to $13.113. Comex gold warehouse stocks were down 96 ounces at 8,489,384 ounces Monday, while silver stocks were down 92,102 ounces at 116,718,340 ounces.

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