The Macro Brief - 3 November 2025

Analysis & Learning Nov 3, 2025

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 Bitcoin.

General outlook: US Dollar Up (->80D peak). Gold reacts Up? (80D trough). Oil Up (-> 40D peak). Copper Down (-> 80D trough). USDJPY Up (->80D peak). EURUSD Down (-> 80D trough). SPX ES-minis Down (= 80D peak?). Nikkei (->20W peak) Down. Bitcoin Down (-> 80D trough).

Gold - 80 day cycle trough zone. Up Reversal?

Price is starting to look constructive in the 80 day cycle trough time-zone. We are tentatively looking for an upside resolution.

Bitcoin - heading towards the next 80 day cycle trough. Down.

Price continues to breakdown and we are looking lower for the next 80 day cycle trough around mid-November.

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.