A correlation runs from +1, two markets moving the same way in proportion every day, to -1, moving opposite ways every day. Near 0, one market's daily change told you little about the other's. We measured it on the change from each day's close to the next, on every trading day all eight markets had in common.
The table
| Daily changes | Gold | Silver | EUR/USD | GBP/USD | AUD/USD | USD/CHF | USD/CAD | USD/JPY |
|---|---|---|---|---|---|---|---|---|
| Gold | 1.00 | 0.80 | 0.59 | 0.53 | 0.53 | -0.63 | -0.45 | -0.38 |
| Silver | 0.80 | 1.00 | 0.56 | 0.49 | 0.52 | -0.52 | -0.38 | -0.31 |
| EUR/USD | 0.59 | 0.56 | 1.00 | 0.75 | 0.79 | -0.71 | -0.68 | -0.39 |
| GBP/USD | 0.53 | 0.49 | 0.75 | 1.00 | 0.59 | -0.65 | -0.56 | -0.42 |
| AUD/USD | 0.53 | 0.52 | 0.79 | 0.59 | 1.00 | -0.49 | -0.54 | -0.26 |
| USD/CHF | -0.63 | -0.52 | -0.71 | -0.65 | -0.49 | 1.00 | 0.61 | 0.51 |
| USD/CAD | -0.45 | -0.38 | -0.68 | -0.56 | -0.54 | 0.61 | 1.00 | 0.41 |
| USD/JPY | -0.38 | -0.31 | -0.39 | -0.42 | -0.26 | 0.51 | 0.41 | 1.00 |
Find the row for one market and the column for the other: the figure where they meet is their correlation. Each figure appears twice, once on each side of the diagonal, and the diagonal is each market against itself. The five markets priced in dollars come first and the three pairs that start with the dollar come last, which splits the table into blocks of positive and negative figures.
NZD/USD has no sample from this publisher, so it has no figures here.
The strongest links
The four strongest positive figures:
- Gold and silver, +0.80
- EUR/USD and AUD/USD, +0.79
- EUR/USD and GBP/USD, +0.75
- USD/CAD and USD/CHF, +0.61
The four strongest negative figures:
- EUR/USD and USD/CHF, -0.71
- EUR/USD and USD/CAD, -0.68
- GBP/USD and USD/CHF, -0.65
- Gold and USD/CHF, -0.63
USD/JPY was the least connected of the six pairs: its strongest link was +0.51 with USD/CHF, and its -0.26 with AUD/USD was the weakest figure in the table.
Why the dollar-first pairs show minus signs
EUR/USD is the price of one euro in dollars. USD/CHF is the price of one dollar in Swiss francs. When the dollar gains on both currencies, EUR/USD falls and USD/CHF rises: the same move shows up with opposite signs, because the dollar is the second currency in one quote and the first in the other.
That is where the blocks in the table come from: USD/CHF, USD/CAD and USD/JPY have negative figures against EUR/USD, GBP/USD, AUD/USD, gold and silver, and positive figures among themselves. Turn USD/CHF round into CHF/USD, the price of a franc in dollars, and its -0.71 against EUR/USD becomes +0.71.
Gold is quoted in dollars too, as XAU/USD, and against every other market in the table it carries the same sign as EUR/USD: +0.59 with EUR/USD itself and -0.63 with USD/CHF. Gold and the US dollar looks at that link on its own.
Two signals at once
A long EUR/USD and a long GBP/USD, at +0.75, behaved much like one larger position in the same direction: when one lost ground, the other tended to as well. Two signals risking 1% each on those pairs are close to one 2% bet on the dollar, as the risk per trade guide puts it.
A long EUR/USD and a long USD/CHF, at -0.71, worked the other way and partly offset each other: when one gained, the other tended to lose. Partly, because -0.71 is not -1, a USD/CHF pip on one lot is worth $10 divided by the USD/CHF rate rather than $10, and each trade still pays its own spread.
The direction of each trade matters as much as the sign. A long EUR/USD with a short USD/CHF is close to one bigger trade again, because a short USD/CHF gains when USD/CHF falls, and it tended to fall on the days EUR/USD rose.
So before taking two signals together, find their pair in the table and look at the direction of each trade. If they add up to one bet, size them as one.
Our signals trade gold and the major pairs, and two of them can be open at the same time. The free channel posts a selection of them, which is a way to try the check on real signals.
Hour by hour, the links were similar
On hourly closes, over 3,004 hours, EUR/USD, GBP/USD, AUD/USD, USD/CAD and USD/CHF kept almost the same links with one another: EUR/USD and AUD/USD were +0.79 again, EUR/USD and GBP/USD +0.74, and EUR/USD and USD/CHF a little stronger at -0.74. Gold and silver stayed at +0.80.
The metals' links with the currencies were weaker hour by hour: gold and USD/CHF were -0.51 against -0.63 on daily changes, and silver and GBP/USD +0.39 against +0.49. So were USD/JPY's links, with USD/CAD at +0.32 against +0.41.
One sample of 129 days
These figures describe one window, 129 trading days from 26 March to 25 September 2026. Correlations change over time, and the same table for another six months can come out differently, so read it as a record of this period, not a fixed property of the pairs.
A correlation also says nothing about size. It shows whether two markets tended to move together, not how far: the distances are in average daily range of the major pairs.
Where the numbers come from
One-minute prices: GetData free sample, MIT licence, 26 March to 25 September 2026.
We took each market's close at the end of every trading day, 17:00 New York or normally 22:00 UK, kept the days present in all eight markets and correlated the changes from one close to the next (Pearson correlation of log changes), which gives 129 days of changes. The forex pairs have 131 full trading days in the sample and gold and silver 130, because the metals have almost no prices on Good Friday, 3 April. The hourly figures use hourly closes in the same way, 3,004 hours. The first minute after each weekend, daily break or other pause is left out of highs and lows, because its opening price is carried over from before the pause; closes, and so these correlations, are not affected. All figures are rounded to two decimals. The full method is on the markets page.
Every closed signal is on the record
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