Price gains for gold, silver, amid bullish technicals

Gold and silver prices are higher in early morning U.S. trading Wednesday, with gold notching a fresh 4.5-month high and moving above what was psychological resistance at the $1,900.00 level. Charts that are bullish and getting more so are keeping money flowing to the long side of these precious metals markets at mid-week. A U.S. dollar that is still in a funk and crude oil prices not far below this year's highs are bullish outside elements also supporting the metals markets. June gold futures were last up $10.50 at $1,908.60 and July Comex silver was last up $0.179 at $28.235 an ounce.

Global stock markets were mixed but mostly firmer overnight. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins. Discussion in the marketplace continues on the recent acceleration of inflationary price pressures and what the Federal Reserve and other central banks plan to do about it. The Fed says rising inflation is "transitory," but many markets' price actions suggest otherwise. Traders today will closely scrutinize comments from Federal Reserve vice chair for supervision Randal Quarles, scheduled to give a speech today. Meantime, a European Central Bank official Wednesday said the ECB has no plans to scale back its bond-buying program (quantitative easing) anytime soon.

Featured overnight is the New Zealand dollar gaining 1% against the U.S. dollar after New Zealand's central bank hinted it could raise interest rates late next year.