I Don't Think The Gold Price Is Going Anywhere Until.........Interest rates in the USA start falling.
While the BOC has indicated they will likely pause interest rate increases to see how things play out at current rates re.their goal of 2% inflation, the FED will probably raise rates a couple more times by 25bps (or perhaps 50...?) as the US economy is still hot, which likely means a pretty stable USD.
When you can get over 5% yield on a GIC or T-Bill, investing in gold stocks becomes less attractive. I believe investors will come to the conclusion that Cash is King, especially if a recession hits. Patience is needed by gold bullion and gold mining investors IMO.