On analyzing the movements of the gold futures in different time charts, I anticipate that after piercing the significant support at 9 EMA gold futures will try to defend the next support at 20 EMA on Friday indicating a breakdown to continue amid surging recessionary fear since the spreading unemployment fear around the world looks evident to explain the situation is more or less near a vicious circle of global recession shortly.
The beginning of large cuts to federal spending by Elon Musk, who has been appointed by US President Donald Trump as Head of the Department of Government Efficiency, led to one more leg to the damaging impact of the tariff trade war during the first 100 days of the beginning of Trump’s policy change on every front.
Undoubtedly, the imposition of such self-destructive policies of the Trump administration is likely to push the whole world to a recession-like situation faced in 2008-2009, a situation in which real assets go on sale.
However, it is important to be prepared for crises before entering a buy position in any safe-haven asset like gold or cryptocurrency until a panic-like situation arises.
With skyrocketing prices in gold when the gold futures hit a fresh high on April 22, 2025, at $3510, some investors turned reluctant to put more money in the hope of a safe-haven legacy of the yellow metal while the majority still feels uneasy about by gold after a nose dive move since it touched a new peak.
I anticipate that gold has lost its potential as a safe haven while the whole world is feeling the jolts of stagflation due to increasing inflation along with declining economic growth amid surging geopolitical and denting impact of the tariff trade war under Trump’s 2.0.
Meanwhile, the U.S. economy contracted for the first time in three years in the first quarter, swamped by a flood of imports as businesses raced to avoid higher costs from tariffs and underscoring the disruptive nature of President Donald Trump’s trade policies, creating a panic like the world has already entered in a recession like situation.
The gold futures are not an exception in such a precarious economic situation to maintain a safe haven for piling up the money as money flow is likely to shift from gold to other instruments like the Japanese Yen and cryptocurrencies but I anticipate that Bitcoin will likely see more exhaustion with this surge in recessionary fear.
Levels to Watch
In the daily chart, gold futures are trying to defend the immediate support at 20 EMA at $3288 but still trading much below the 9 EMA at $3334 which has already tilted downward and could pierce the 20 EMA if gold futures find a breakdown below the significant support at 20 EMA on Friday.
Inversely, any upward move by the gold futures will face stiff resistance at 9 EMA as the bears will start loading fresh shorts again. 
In the weekly chart, gold futures, on a steep decline could complete the supportive candle this week to confirm the long-term impact of the exhaustive hammer, formed during the last week.
Undoubtedly, if the gold futures close this week below the immediate support at $3210, the next support for the gold futures will be at the 9 EMA at $3150 during the next week.
Disclaimer: Readers are advised to take any position in gold at their own risk as this analysis is based only on the observations.