Gold rebounds from $3,350, jumps to $3,386, bulls eyeing $3,400-$3,450?

• Dollar Index rebound fails at 98.50.
• Fed's dovish tone, Fed's independence risk drive safe haven rush to Gold.
• ETF record flow into Gold triggers bullish momentum.
• Dips around $3350 attract bulls, rally tests $3386.

Fundamental factors

US President Donald Trump fires Fed Governor Lisa Cook but the later defies presidential order.

Moreover, Fed's dovish tone and hints of rate cut in September meeting sparks Gold demand triggering rally to reach $3386, a 12 day high.

Gold ETF sees a record half year inflows since year 2010 as selling pushes alternatives lower shifting money flow towards Gold.

Dollar Index attempts rebound but fails to attract buyers above 98.50, again making Gold a preferred bet.

Technical factors

Gold drops to 4 Hourly confluence of 200 SMA & 50 EMA at $3351 and attracts buyers for value bargain as momentum builds in favor of bullish rebound towards descending trendline resistance and the rally reaches intraday high $3386, a 12 day high.

Some consolidation is seen retracing price towards local demand zone $3368 and range bound trades between $3368-$3378.

A strong push above $3380 followed by 4 hourly close above this level will eventually add confirmation for extension of bullish rally that next targets $3393-$3400 followed by $3410-$3420.

If Gold finds enough buying conviction above $3321, rally is likely to extend further to $3438 & $3465.

Immediate support sits at $3368 below which next support zone is positioned at 4 Hourly 100 SMA $3354 and confluence of 200 SMA-50 EMA at $3353.

If this zone is breached with price action stability below the zone, the decline may extend to $3340-$3330.