XAUUSD - GOLD/U.S. Dollar has 10% upside in next 60 days

Gold has been going through cycles of capitulation and euphoria forever, but the past few cycles look interesting. Note each selloff looks like a disaster on the chart with "terminal" declines in 2 of the last 3 cases. The triangle breakdown this spring caused a healthy wipe-out of any tight stops and set the market up for a decent advance each time.

Time will tell - for now I don't have any fundamental reason for gold to go up but for now the chart seems "wiped out" enough for a rally to create a new pattern of "euphoria".

Tim 9:19PM EST 1307.48 -3.29 last Sunday, August 10, 2014