The price of gold of XAU/USD in the commodities market could be due for a correction in the near term. As you can see from its 4-hour chart above, gold has rallied nicely after hitting a low of $1,308.200 per ounce on January 28, 2011 after reaching a high of $1,423.69 on the first trading day of the new year. Gold was able to rebound from the said low and is now trading at $1,356.11.