We shall see.
Look at it this way. In 1973 just as the watergate hearings were getting started after nixon was elected to his second term— OPEC had their first OPEC oil embargo. That was a supply shock to the downside. The price oil then went to the moon over the next six years and so did gold.
We’re now in a supply shock to the upside. (And curiously another president is in trouble over election shenanigans.) All the pressure now will be for the price of oil to go down.
Given historical hind sight — what then is the natural direction for price gold?