Gold is in a potential breakout formation with a minimum upside measuring objective of 1200. A consolidation here that does not violate 800 to the downside is within the bounds of this formation and will be considered a right shoulder.
Such a correction is not necessary to the formation.
Gold is still in a bull market. There will be corrections, some of them quite challenging. This is the very nature of a bull market, to shake the resolve of the bulls, and continually entice and confound the bears, who struggle to hold their pessimism from one line in the sand to the next.
Some day the bull market in gold will end. But not yet.
“Blood and power intoxicate; they help to develop callousness and debauchery. The mind then becomes capable of the most abnormal cruelty, which it regards pleasure; the man and the citizen are swallowed up in the tyrant; and the return to human dignity, repentance, moral resurrection, becomes almost impossible."
Fyodor Dostoevsky, The House of the Dead