Gold Price Corrects.. but not very significant so far.

I am in the GATA camp that suggests the Cartel is running low on physical GOLD to continue suppressing the gold price at the rate they have been doing. Inertia is a term in physics that states objects in motion like to stay in motion, objects that are still like to stay still.. It takes a lot of energy to change the state of the gold market when it gets rolling, that is why it is essential that the Cartel keeps gold from trending higher.. areas of consolidation are the cheapest ways to stall this market. Gold appears to have made a significant correction today, but has it really? In the past a correction from a breakout level retraced the gold price 38.2 % from its entire move, from bottom to top (see red lines on the chart above). Today gold down 30 dollars from the 845 area is not even close to the 38.2 % correction that many Fibonacci Traders would show as an area of support. It will be interesting to see where this correction goes from here. If there is a rush to buy gold before 770 (the 38.2 % Fibonacci) retracement level, I would think its evidence that the Cartel is in serious trouble with their abilities to control this market.