My tranny (yeah, that's under the hood for the most part) started making a similar noise. Then it died.
I suspect that on my car the noise was either a symptom of the pump going bad or the pump being starved of fluid due to a blockage.
These are just guesses, and based on my car's symptoms. I have no expertise in trannies, of course. And since your noise is RPM-dependent (I think mine was, too), it could of course be something in the engine.
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