FOREX - CORRECTIONS and current oil and SPOT gold prices?

if anyone takes the time to look at the question then you would know there have been rumours about a correction in gold prices as they are soaring. what are the signs of a correction? what do we need to look for? and by how much will it be reduced by? i havent been trading very long so ive never experienced a correction before. thanks to those who take the the time to answer....

Look at monthly and yearly charts. What you are looking for are areas of resistance. If the daily price is headed into these areas of resistance, then you can expect prices to either go sideways, or go down to support.

As you know, resistance are price ranges where one will expect sellers to come in. Consequently, support is a price range where you can expect buyers to come in.

There are several ways to tell if you have a correction, or even a reversal. One method is to look for 123 patterns. If the low of the123 pattern is breached, then you can expect prices to go down some more. Another pattern that you can look for are double tops or head and shoulder patterns. When these chart patterns form, you can easily pinpoint at what price when breached, will the market go down.

You can google for chart patterns to learn more about them. One site that can help you is investopedia.com.