The price of gold $XAUUSD has been sliding sharply this week after rallying tentatively throughout March. XAU/USD Daily Chart (click to enlarge) Bearish Correction Mode:- As we can see gold has been rallying in price since August 2018 when price tagged $1160/oz. - There has been a persistent period of higher lows and higher highs until price tagged $1340/oz in February this year.- After a dip to $1280, we saw a choppy rally in March. However, this March high is under the February high - price broke the pattern of highs highs.- Furthermore, the declining candles have been relatively much sharper than the bullish ones. This suggests bears are in charge at least in the short-term.- The pressure returns to the $1275-$1277 support area. - We might see some buying here, but if price eventually dips below $1275, we should anticipate a slide towards at least the $1245-$1250 area. - The 200-day simple moving average is here, right above a support/resistance pivot area that is close to $1240. - Also, there is a rising trendline support that will likely catch XAUUSD on its way down to $1250. - For these reasons, I am preparing some dry powder to enter here, around $1250.