XAU/USD – H4
The Ministry of Defense of the Russian Federation announced on Tuesday that some troops that were conducting drills near the border with Ukraine had completed their task and were withdrawing from the area. 
This eased fears of war - which had previously sent XAU/USD to eight-month highs - and sparked a risk-on wave that led investors away from it and other safe-havens.
However, NATO Secretary General Jens Stoltenberg said shortly after that "so far we have not seen any sign of de-escalation on the ground"  and today he said: "On the contrary, it appears that Russia continues the military build-up." 
On Tuesday, US President Biden had also noted that withdrawal of Russian troops has not been yet verified and warned that an invasion "remains distinctly possible".
These comments take some of the initial optimism away and XAU/USD steadies after yesterday's risk-on decline. It remains vulnerable to fresh selling pressure, although a drop below the EMA200 (1,820-1), would likely require fresh catalyst.
Despite the optimism, the situation in Ukraine remains precarious and fresh fears could boost Gold again. From a technical prospective, bulls have not lost the ability to exceed 1,879, but a larger advance towards and beyond 1,899 may prove elusive for now.
Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.
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