* U.S. Fed minutes in focus
* Break above $1,230-$1,235/oz will confirm inversion- analyst (Recasts, updates prices and adds comments)
BENGALURU, Oct 17 (Reuters) - Gold rose on Wednesday, rebounding from a key support level with technical momentum proving more influential than a stronger dollar and rallying stock markets.
Spot gold was up 0.2 percent at $1,226.54 per ounce at 1034 GMT.
U.S. gold futures were down 0.1 percent at $1,229.80 per ounce.
"Gold is moving technically and is giving a very good signal after it rebounded from $1,220 levels," ActivTrades chief analyst Carlo Alberto De Casa said.
"We are now approaching another key resistance area around $1,230 and a break above the $1,230-$1,235 will confirm an appropriate inversion for gold and it would no longer be a rebound."
Prices have eroded both the 55-day moving average around $1,200, and a 6-month downtrend, and closed above the Aug. 28 high around $1,214, Commerzbank analysts wrote in a note.
Gold, sometimes seen as a harbor during political and economic uncertainty, is still some 10 percent down from peaks hit in April as investors opted for the dollar while the U.S.-China trade war unfolded against a backdrop of higher U.S. interest rates.
The dollar firmed and global stocks gained as a rally on Wall Street boosted risk appetite.
Investors have now turned their attention to the release of minutes from the U.S. Federal Reserve's September policy meeting at 1800 GMT, for fresh clues on the pace of monetary tightening.
The Fed raised interest rates last month for the third time this year and said it planned four more increases by the end of 2019 and another in 2020.
Markets also kept a close eye on a summit in Brussels, where British Prime Minister Theresa May will address European Union leaders, for the future of Brexit.
Analysts said the recent gains in gold could also be attributed to investors unwinding short positions after speculators had piled up record bets on prices falling further.
Prices hit their highest in two and a half months, at $1,233.26, on Monday as a rout in global stock markets forced investors to seek safety in the metal.
"The shorts seem uneasy with gold reappearing as a safe haven asset," ING analyst Warren Patterson said.
"Moving forward, with growing concerns about the global economy on the back of trade tensions, there is potential for a bit of an upside in gold markets."
In other metals, silver was up 0.2 percent to $14.67 per ounce, platinum rose 0.4 percent to $840.60, and palladium was up 0.1 percent at $1,079.90. (Reporting by Sumita Layek and Nallur Sethuraman in Bengaluru; Editing by Elaine Hardcastle)