The Macro Brief - 9 November 2026

Analysis & Learning Nov 9, 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 Bitcoin.

General outlook: Gold Up (80D trough). Bitcoin Down (->20D trough).

Gold - rising out of a new 80 day cycle trough? Up.

The 80 day cycle trough now looks to be in place and we are looking for a shallow reset into a 20 day cycle trough to confirm the first leg up.

Bitcoin – heading towards next 20 day cycle trough. Down.

The 40 day cycle shifted back in time as the phasing analysis accommodated heightened volatility. Price is heading lower and the next inflection is the 20 day cycle trough. We are not expecting a meaningful rally out of it.

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.