The Macro Brief - 21 April 2026

Analysis & Learning Apr 21, 2026

You will come across specific terms in these notes (FLD, VTL, and so on). Rather than explain them each time, you will find definitions here: guidance notes for Hurst cycles terminology.

The Macro Brief is an excerpt from our weekly Macro Outlook newsletter. Today we are highlighting Gold and Oil.

General outlook: Gold Up (->40D peak). Oil Down (->40D trough).

Gold - looking for 40 day cycle peak zone. Up.

The 40 day cycle upswing still looks to be in force and we are looking for the 40 day cycle peak now. The 23 March low was an 80 day cycle trough, so we would expect a rest and then more upside after the 40 day cycle peak.

Oil (WTI) - looking for next 40 day cycle trough. Down.

The 80 day cycle peaked in early April and price is free falling into its next 40 day cycle trough, due in the last week of the month sub 80.

Christopher Grafton CMT

Chris has been involved in the markets for 20 years. He is the author of Mastering Hurst Cycle Analysis and is an experienced working technician. Chris holds the CMT qualification.