Is it a breakout this time?

Using the data on how long it takes for a correction in gold price (as related to the size of the correction) I calculated that the correction was to be over at the end of May. It wasn't. It seems again that the gold price is breaking out of the wedge. Here is the graph:

The breakout is still modest, though this morning's gold price is up another 10 bucks or so. Some traders say that if the gold price goes above 1,700, it will initiate a large short covering and restore the rally. We know that the paper contracts to deliver are huge and so are the shorts.