Average daily range, compared
Pips cannot be compared across markets, because a pip is a different share of each price. As a share of the previous day's close, XAG/USD had the widest median daily range from 26 March to 25 September 2026 (4.18%) and USD/CAD the narrowest (0.39%). In pips, the median gold day was 986 pips, about $99, and the median EUR/USD day 52.4 pips.
| Market | Median day, pips | Average day, pips | Median, % of previous close |
|---|---|---|---|
| XAU/USD | 986$99 | 1,051$105 | 2.17% |
| XAG/USD | 281$2.81 | 332$3.32 | 4.18% |
| EUR/USD | 52.4 | 57.0 | 0.45% |
| GBP/USD | 70.3 | 79.3 | 0.52% |
| USD/JPY | 74.3 | 99.0 | 0.46% |
| AUD/USD | 44.5 | 53.3 | 0.63% |
| USD/CAD | 53.3 | 56.4 | 0.39% |
| USD/CHF | 49.7 | 55.7 | 0.63% |
Medians and averages of the same 130 full days for gold and silver and 131 full days for the forex pairs. The average sits above the median when a few very large days pull it up. The dollar figures under gold and silver are the price move.
Which markets moved together
Correlation of daily changes, close to close: 129 changes, from the 130 days present in all eight markets. The closest pair was XAU/USD and XAG/USD at +0.80; the most opposite was EUR/USD and USD/CHF at -0.71. The pairs with the dollar first, USD/JPY, USD/CAD and USD/CHF, show negative figures against gold, silver and the pairs with the dollar second.
| XAU/USD | XAG/USD | EUR/USD | GBP/USD | USD/JPY | AUD/USD | USD/CAD | USD/CHF | |
|---|---|---|---|---|---|---|---|---|
| XAU/USD | 1 | +0.80 | +0.59 | +0.53 | -0.38 | +0.53 | -0.45 | -0.63 |
| XAG/USD | +0.80 | 1 | +0.56 | +0.49 | -0.31 | +0.52 | -0.38 | -0.52 |
| EUR/USD | +0.59 | +0.56 | 1 | +0.75 | -0.39 | +0.79 | -0.68 | -0.71 |
| GBP/USD | +0.53 | +0.49 | +0.75 | 1 | -0.42 | +0.59 | -0.56 | -0.65 |
| USD/JPY | -0.38 | -0.31 | -0.39 | -0.42 | 1 | -0.26 | +0.41 | +0.51 |
| AUD/USD | +0.53 | +0.52 | +0.79 | +0.59 | -0.26 | 1 | -0.54 | -0.49 |
| USD/CAD | -0.45 | -0.38 | -0.68 | -0.56 | +0.41 | -0.54 | 1 | +0.61 |
| USD/CHF | -0.63 | -0.52 | -0.71 | -0.65 | +0.51 | -0.49 | +0.61 | 1 |
Holding two signals on markets with a figure near +1 in the same direction, or near -1 in opposite directions, is close to holding one position of twice the size. Six months is one sample, and correlations change over time.
Market data articles
Gold, from the same six-month sample
- How far does gold move in a day? XAU/USD's daily rangeIn pips and dollars, by weekday and by month.
- What time does gold move most? Its range, UK hour by hourEvery UK hour of gold's day, measured.
- What gold does on NFP, CPI and Fed days, minute by minuteEach US jobs, inflation and Fed release in the sample.
- Does London break gold's overnight range? 130 days countedHow often London trades through the overnight high or low.
- Gold and the US dollar: how XAU/USD moved with the majorsGold's daily changes against each dollar pair.
- The gold to silver ratio in 2026, and how silver tradesThe two metals side by side through the sample.
The major pairs
- Average daily range of the major pairs and gold in 2026Each market's daily range, side by side.
- When each major pair moves, hour by hour (UK time)The busiest and quietest UK hours for each pair.
- Forex correlation table: gold and the major pairs in 2026Which markets moved together, and how closely.
Gold since 1960, from monthly averages
- Gold price history since 1960The long runs and falls in gold's monthly average price.
- Gold price by year: annual averages from 1960 to 2026Every year's average and its change on the year before.
- Is there a best month for gold?Gold's change by calendar month, with the up and down counts.
- Gold price adjusted for inflation since 1960Gold's monthly average adjusted for US consumer prices.
How we measured
The data
One-minute prices from the free samples GetData publishes on GitHub under the MIT licence: one file per market with each minute's open, high, low and close and a tick count. We computed every figure on these pages from those files with our own script, and the eight files hold 1,496,241 one-minute bars between them.
One-minute prices: GetData free sample, MIT licence, 26 March to 25 September 2026. GetData on GitHub.
| Market | Repository | One-minute bars | Left out of highs and lows | Full days |
|---|---|---|---|---|
| XAU/USD | xauusd-1m-ohlcv-metals-historical-data | 179,662 | 139 | 130 |
| XAG/USD | xagusd-1m-ohlcv-metals-historical-data | 179,847 | 160 | 130 |
| EUR/USD | eurusd-1m-ohlcv-forex-historical-data | 189,634 | 29 | 131 |
| GBP/USD | gbpusd-1m-ohlcv-forex-historical-data | 189,570 | 33 | 131 |
| USD/JPY | usdjpy-1m-ohlcv-forex-historical-data | 189,445 | 40 | 131 |
| AUD/USD | audusd-1m-ohlcv-forex-historical-data | 189,488 | 34 | 131 |
| USD/CAD | usdcad-1m-ohlcv-forex-historical-data | 189,388 | 41 | 131 |
| USD/CHF | usdchf-1m-ohlcv-forex-historical-data | 189,207 | 43 | 131 |
The window
From the first minute on 26 March to the last on 25 September 2026. The 26 March trading day is cut short by the start of the sample, so it is left out of the daily figures; its complete hours count in the hourly and session figures.
Conventions
- Trading day: 17:00 to 17:00 New York, the day most MT4 and MT5 daily candles use, named after the date it ends on. Monday's day starts on Sunday at 17:00 New York.
- Full day: at least 80% of the market's median count of one-minute bars: 130 days for gold and silver, 131 for the forex pairs.
- Pips: gold $0.10, silver $0.01, yen pairs 0.01 and the other pairs 0.0001, the same as our calculators. A $10 move in gold is 100 pips.
- UK time: Europe/London, on BST from 29 March; 26 and 27 March are GMT days. Hourly figures use UK clock hours on weekdays, counting an hour only when it holds at least 50 one-minute prices.
- Sessions: local business hours, Sydney 07:00 to 16:00, Tokyo 09:00 to 18:00, London 08:00 to 17:00 and New York 08:00 to 17:00. The overlap is London and New York together, 13:00 to 17:00 UK.
- Range as a % of price: the day's range divided by the previous trading day's close, not by the day's open.
- Typical figures: medians. Averages appear only where they are labelled as the average.
- US releases: the six jobs reports and six CPI releases at 08:30 New York, and the four Fed statements at 14:00 New York, from the Bureau of Labor Statistics release archives and the Federal Reserve's 2026 meeting calendar. "Other days" are the same New York clock windows on every full day without any of those releases.
- Correlations: Pearson, on the log change of each daily close: 129 changes, from the 130 days present in all eight markets.
Limits
- Bar opens are stitched. In this sample almost every bar opens at the previous bar's close, even after a weekend or a break, so it cannot show weekend gaps or a session's true opening price, and these pages quote neither. The publisher also stretches each bar's high or low to take in that stitched open, so the first bar after any pause of more than five minutes (a weekend, gold's daily break, a quiet stretch) would carry the last price from before the pause into the next range: we leave it out of every high and low and keep its close. The table above gives the count for each market.
- Volume is a tick count, not traded size, and we do not use it.
- No NZD/USD. The publisher has no NZD/USD sample, so the NZD/USD page has no range figures.
- Good Friday, 3 April. Gold has 11 one-minute bars that day and silver 2, so the day is left out for both; the forex files trade normally.
- The 22:00 UK hour holds the 17:00 New York rollover. On USD/CHF the ten minutes from 22:00 averaged a 14.7 pip range against 10.4 pips for the other fifty minutes, so that hour mostly measures the rollover. Gold and silver are shut from 22:00 to 23:00 UK.
- Six months is one sample of one period. These figures describe 26 March to 25 September 2026, not a rule for the months ahead.
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