I suppose the question is really "WHY is a correction, small or large, due around now, according to some observers?"
Given that the market is largely governed by supply and demand impulses, would it be because a significant population of investors think that several day of 'ups' require a down day or so?
Because,say, that's the market, ebbing and flowing? Because the fundamental reasons for investing in gold have changed, eg the $ is now on an upward trend? The euro-zone's vulnerable nations with huge sovereign debt are now stable and economically improving? Because the USA has solved its huge trade imbalance and no longer prints paper money and stoking inflatioary pressures ? Because real interest rates are now positive rather than negative and thus money funds are more rewarding than precious metal?
If the underlying fundamentals driving the desire for gold have changed then the fundamental trend of the POG will change. If those underlying drivers have not changed then the underlying trend in the POG will not change.
This suggests that a pullback, a la Hulbert,might reasonably be very limited in its effect on the POG.
The effect is of most relevance to day to day traders and not investors generally.
Timing is usually less important than time, if a bigger picture is seen clearly. Today so far the pullback seems to have run out of steam in a similar way to how the POG growth has lost its puff. So we have a morning impasse.
Who/what will prevail today? Tomorrow, this month? This year?