The spike in the value of the EUR yesterday helped commodity prices continue their 2-week climb. But the pause in the market experienced this morning has helped the USD stabilize and commodity prices have also felt heavy pressure as a result. The bull market for commodities like Gold, Silver, and Crude Oil has not yet come to an end, but the 2-week long bullish streak has apparently halted today.
The value of Gold felt some corrective price behavior when it came down from its recent peak of $1168 to currently trade at $1151.15 per ounce. Silver witnessed similar behavior and currently trades $0.50 lower at the price of $18.12 per troy ounce. Crude Oil has also come down off a spike towards $87 a barrel to trade at $83.50 as of this afternoon. Analysts are now wondering whether this corrective behavior will continue in light of the EUR's perceived bullish price action.