Gold’s snap-back rally was not quite a cavalry charge, but it should have discouraged the bad guys from thinking they can spook investors as easily as they did in the good old days, a few months ago.  The bears have steady buying to contend with now from Russia, Brazil, India and China — and from a thousand other places where Bernanke’s pronouncements are not taken at, to put it charitably, face value.  From a technical standpoint, the picture is not very complex. Using the Monthly chart (see inset), we find two serviceable targets at, respectively, 1400.80 and 1569.10.  Buyers handled the midpoint resistance points associated with these targets with such ease as to affirm the likelihood the targets will indeed be reached. Our minimum upside target for the near term remains 1381.70.