Its been said you can’t trade using a monthly chart, and I think that’s likely so. But that doesn’t mean we can’t learn something by examining monthly charts.
In this monthly chart of Silver, which dates from the start of the great 2001 bull market, we can see that Silver likes to get ambitious and pop up out of the Bollinger band now and then. Every time it does (with the exception of the run up leading to the blow off top – late 2010 to early 2011) it revisits the 20 month moving average and does not make a new high for at least a year – often longer.

Gold is more docile than Silver. It hugged the 20 month moving average for the first 5 years of the bull move, but got a little frisky in 2006. This exuberance was paid for with a pullback toward the 20 MMA. It got frisky again in 2008 – just in time for the Great Financial Crisis. The following years Gold hosted the run up to the blow off top in 2011.
The take away from these observations is that the present correction is normal market action (compared with the past) It is possible, probable even, for Gold to tag the 20 MMA before continuing higher. These are my own thoughts based on the charts. Do your own due diligence.