The following table includes the correlation between gold and the most popular currency pairs over various timeframes. A value close to +1 indicates a strong positive relationship between gold and the pair, while a value close to -1 indicates a strong negative relationship. Colored values indicate week-to-week changes of over 30%.

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GoldUSD/CADAUD/USDNZD/USDEUR/USDGBP/USDUSD/JPYUSD/CHF
3 Day 15 Min-0.430.570.760.320.51-0.10-0.31
1 Week 60 Min-0.580.670.710.580.670.18-0.48
2 Week 60 Min-0.210.380.380.270.27-0.210.06
1 Month Daily-0.140.18-0.17-0.090.720.450.03

Last week's commentary can be found here.

Weekly Commentary: Gold continued to regain its ground as a haven asset during the past week as markets digested news of former Italian Prime Minister Silvio Berlusconi agreeing to step down after the Italian Senate agreed to pass the newest round of austerity measures. With continued volatility in the markets as traders go from one rumor to the next, the yellow metal moderately mirrored the movement of the US dollar.

Nevertheless, gold prices for the continuing week continues to hinge on US dollar strength, as rumors of additional easing in the world's largest economy continues to buoy demand for the metal. However, as the spotlight for the week remains on Europe and whether or not the New Italian leader Mario Monti can reign in spending and prevent the country from asking for a bailout, gold may continue its correlation with the US dollar and keep rebuilding its status as a haven asset.

Also: Gold Outlook Hinges on U.S. Dollar Strength, Geopolitical Tensions

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