Gold’s correlation with stocks comes and goes — sometimes it’s extremely high, sometimes negative and sometimes it has none at all. It’s been pretty high for much of the last 12 months, but has turned negative since March. At times on a minute-by-minute scale it moves almost tick for tick opposite stocks (much like the treasury bond or Japanese yen).

5-day view:

12-month view:

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To me, the temporary nature of intermarket correlations means trading each market on its own technicals.