Gold jumps as President Trump fires Fed Governor Lisa Cook

• Gold price gains ground in Tuesday's Asian session.
• Concerns over Fed's independence and potential US Fed rate cut support the Gold price. 
• The US CB Consumer Confidence and Durable Goods Orders reports will be the highlights later on Tuesday. 

The Gold price (XAU/USD) attracts some buyers near $3,375 during the Asian trading hours on Tuesday. The precious metal edges higher amid concerns about the US Federal Reserve's (Fed) independence after the report that US President Donald Trump says he is removing Fed Governor Lisa Cook. Additionally, signs that the US central bank will resume cutting interest rates provide some support to the yellow metal, as lower interest rates could reduce the opportunity cost of holding Gold. 

Looking ahead, the US Conference Board's Consumer Confidence, Durable Goods Orders and the Richmond Fed Manufacturing Index reports are due later on Tuesday. Later this week, the key US economic data will be released, including Gross Domestic Product (GDP) for the second quarter and Personal Consumption Expenditures (PCE) Price Index data for July. If the report shows stronger-than-expected growth or any signs of hotter inflation, this might boost the Greenback and weigh on the USD-denominated commodity price. 

Daily Digest Market Movers: Gold price edges higher on Fed's independence and US rate cut hopes

• Fed Chair Jerome Powell stated at the Jackson Hole symposium that the US central bank could consider a rate cut at its next policy meeting in September. 
• Powell added that the US economy is facing a "challenging situation," with inflation risks now tilted to the upside and employment risks to the downside.
• Dallas Fed President Lorie Logan on Monday said she feels the Fed has more room to reduce its reserves, and she expects banks to turn to its standing repo facility next month to alleviate any liquidity pressures.
• Markets are now pricing in nearly an 84.3% possibility for a cut of at least a quarter-point at the Fed's policy meeting next month, down slightly from the 84.7% in the previous session, according to CME's FedWatch tool, but well above the 61.9% expectation a month ago.

Gold keeps the bullish vibe in the longer term

The Gold price trades in positive territory on the day. According to the daily chart, the positive outlook of the precious metal remains intact as the price holds above the key 100-day Exponential Moving Average (EMA). The upward momentum is supported by the 14-day Relative Strength Index (RSI), which stands above the midline near 55.0. This displays bullish momentum in the near term.

On the bright side, the key upside barrier for Gold emerges in the $3,400-3,410 zone, representing the psychological level, the upper boundary of the Bollinger Band, and the high of August 8. Extended gains could pave the way to $3,439, the high of July 23. The next resistance level is seen at $3,500, the round figure, and the high of April 22. 

In the bearish event, the initial support level for the yellow metal is located at $3,325, the low of August 21. A breach of this level could see a drop to $3,285, the lower limit of the Bollinger Band. The crucial contention level to watch is $3,270, the 100-day EMA.