Dale J Pinkert
Independent Analyst
In today’s TradeGATEHub Live Trading session, Michael Venezia highlights the significant movements in the energy sector, taking viewers through today’s action with a focus on the leaders in price, volume, and option sweeps. Meanwhile, Coach Dale shares his updated perspectives on the dollar and sets specific targets for West Texas Intermediate (WTI) oil. This session is crucial for traders interested in the dynamics of the energy markets and the broader implications of currency movements on commodity pricing.
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Editors’ Picks
EUR/USD climbs above 1.0950 on renewed USD weakness
EUR/USD gains traction and trades in positive territory above 1.0950 in the American session on Tuesday. The data from the US showed that annual producer inflation softened to 2.2% in July from 2.7% in June, weighing on the USD and helping the pair push higher.
GBP/USD trades at fresh weekly highs above 1.2800
GBP/USD extends its recovery and trades at a fresh weekly high above 1.2800 on Tuesday. The upbeat employment data from the UK supports Pound Sterling, while the soft US producer inflation reading for July provides an additional boost to the pair.
Gold consolidates near record highs
Gold stays in a consolidation phase below $2,470 after rising more than 1.5% on Monday. Although the benchmark 10-year US Treasury bond yield continues to stretch lower, the improving risk mood makes it difficult for XAU/USD to preserve its bullish momentum.
Sui price is poised for a rally following a retest of the breakout level
Sui (SUI) broke above the falling wedge pattern on Thursday and surged 19% in the subsequent four days, but as of Tuesday, it is experiencing a pullback, trading 4.8% lower at $0.96 at the time of writing.
In the thick of the summer doldrums
We’re in the thick of the summer doldrums and markets have for the most part been confined to some tight consolidation trade. The economic calendar has been rather anaemic as well, further contributing to the uneventful price action.