I've charted the 40-day exponential moving average (40-day EMA) for gold over the past 5 years, with 7.5% and 10% envelopes (red, green, respectively). Throughout the entire decade-long bull market, gold has never moved significantly below these envelopes.
If we call a "major" correction one in which gold hits the lower 10% envelope, clearly the last one occurred in 2008. Since then, I think we can agree that the last 3 memorable (i.e. non-trivial) corrections occurred in December 2009, June 2010, and January 2011. Note that in all three cases, gold sunk below its 40-day EMA (see black circles). Although silver corrected big-time last May, gold has just moved below its 40-day exponential moving average this week.
Combined with the expected seasonal consolidation, the "end" of QE2, and the apparent momentum of the chart towards its 144-day moving average, it would seem that we're in for a few months where you're better off short (or probably sitting out) than long.
But not so fast. In other currencies, gold is at a critical juncture, which, if broken, would (in my opinion) signify fairly serious "chart damage." In other words, while there's a lot of slack in dollars, the same doesn't appear to be true in other major currencies. In my previous post, I depicted gold in euros. Gold in Australian dollars appears to be at a similar critical juncture.