Follow-up gold: 38 days, +4.6%

We posed the question some six weeks ago, "was gold breaking out?"  The technical structure of the market seemed to be saying so.

We said:  Gold still chops, but commercials get "less short" -- is a breakout forthcoming in the fall (when gold is seasonally bullish)?

Here we are, some 38 days hence, Wednesday, September 05, 2012, writing these words to you.  Spot gold crossed 1698 tonight, according to kitco.com, about $76 higher, or 4.6% higher in those 38 days.  More to follow?

Postscript 5:31 AM, Thursday, September 06, 2012:  overnight, gold futures came within a dime of 1715.....

COT