It looks like we’re going to need patience to see $gold finally breakout. It’s important now to keep the big picture in mind. First off, let’s have a look at recent price action and work on the assumption that we’re turning down towards an intermediate cycle low.

Interestingly that $1240 target coincides with the support provided by the ‘bowl’

And finally, the big picture. Once $1360 is broken, $1400 will follow very quickly as the ‘penny drops’. Look out for that big cyclical drop into 2023 though.