A continuation of the see saw trade between the dollar index, the metals and crude oil is what we are seeing today in these holiday markets.
The dollar index is up 20 or so tics today, flirting with the 78.00 level. In response, the metals both have moved lower, with March silver down 370 at 1719, and Feb Gold at 10998, -81. Feb crude oil is sitting at the 7885 level after posting a new high at 7938. Certainly the 80dollar level remains a target for the bulls with the crude oil.
As there are talks of more unrest in Iran, potentially 25 to 30 more sleeper nuts lurking at airports around the world, and with a potential conflict with Israel perhaps moving against a threat from Iran, there is enough uncertainty to keep crude oil bid.
For now, however, there is more and more pressure coming out of the dollar index. If that trade continues to unwind, and the dollar climbs through 78 up to the 80 to 81 levels, that will put pressure on commodity prices, longer term.