Do ES and MGC Move Together on 10-minute Charts?
Educational reference. Measured from recorded market data through September 11, 2026. Not a forecast.
E-mini S&P 500 and Micro Gold are often assumed to move together. This measures it against 4,425 time-aligned 10-minute bars over the last 45 days — no opinion, just what the two actually did.
| Bars where both moved | 4,181 |
|---|---|
| … and moved the same direction | 2,574 (61.6%) |
| Correlation of bar-to-bar changes | +0.404 |
At 61.6% agreement and a correlation of +0.404, these two have a moderate tendency to move together on this timeframe.
Where the relationship breaks down
Prices moving together does not mean everything else does. The indicator pages below measure each reading separately — and momentum, trend strength and volatility frequently disagree even when price does not.
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How this was measured
Every 10-minute bar recorded for both instruments in the last 45 days was aligned by timestamp. Bars where either did not move are excluded from the direction figure, since a flat bar agrees with nothing. Correlation is measured on bar-to-bar changes, not on price levels — two markets can both drift upward for unrelated reasons, and correlating levels would call that a relationship.