The Gold chart is right at an important trend line -- one that started in the 4Q of last year. Part of the reason for the rally is a safe haven play; whenever investors get scared about the future gold becomes an attractive investment. In addition, inflationary concerns were rising due to the massive amount of government spending hitting the system.
The three month chart shows the correction in more detail. Prices are right at the trend line. In addition, prices are at the 50 day SMA which is another important technical marker. The short term SMAs -- the 10 day SMA -- has turned lower and the 20 day SMA is turning horizontal. In other words, the upward momentum is cooling.
From a fundamental perspective it appears that traders/investors have cooled on gold. However, we are in very uncertain times right now which could help gold catch a bid.
