Intermarket Analysis
The basic premise of intermarket analysis is that there’s a cause and effect of the movement from one instrument to another. For example, the price of gold and the U.S. dollar index ($DXY) generally has an inverse relationship as gold is denominated in US dollars, so any move in the dollar will have an impact on the price of gold, which in turn should affect the price of gold mining stocks. The strength and direction of the relationship between the two instrument is called the correlation. Below is the chart of the US Dollar Index and Gold overlaid with one another. Although it’s not a perfect inverse correlation, we can see that the overall direction between the two is inversely related (i.e. when one is higher, the other is lower, and vice versa).
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