Do GC (Gold Futures) and ZN (10 Year Treasury Note Futures) Move Together on 5 minute Charts?
Educational reference. Measured from recorded market data through October 16, 2026. Not a prediction.
Gold and 10 Year T Note are often assumed to move together. This measures it against 9,027 time aligned 5 minute bars over the last 45 days — no opinion, just what the two actually did.
| Bars where both moved | 5,952 |
|---|---|
| … and moved the same direction | 4,030 (67.7%) |
| Correlation of bar to bar changes | +0.489 |
At 67.7% agreement and a correlation of +0.489, 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 5 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.