If you think a gold price correction is underway, you better think again. During the first 2/3s of 2005, gold based out. Since then it has formed a nicely sloping uptrending channel. More precisely speaking, gold bottomed and started that channel at the beginning of November of 2005. It has made 2 more bottoms since. What is interesting is that since that bottom, gold has been moving up for about 2 weeks. What is even more interesting is that just the other day gold's momentum and MACD indicators turned positive in an unequivical manner. They took 2 weeks to get really positive. This is normal. There is nothing out there that is readily apparent that says gold should not move up to or near the top of the channel that it is currently in. Depending on how long gold takes, the "top" of the channel can be roughly 600-620.
This can be seen in this 6 month long gold futures chart
Conversely, the USD's technical indicators have turned positively bearish, which is bullish for gold. There is a gold price correction out there in the future, but that is not what is going on now.