Gold is likely to be dragged down by the broad averages if they continue to fall, but in any event, yesterday’s selling in bullion was less intimidating than it may have seemed if price action on the hourly chart is considered. Notice in the chart (inset) how bears reversed course just shy of a secondary low at 1400.10 recorded a couple of weeks ago.  Lacking in guts, perhaps?  That’s my take, but the first confirmation would come if the abc rally underway at this moment completes to its ‘D’ target, 1424.80 — or better yet, exceeds it.  As we went to press, the rally still lay a couple of points shy of the 1417.60 midpoint, a resistance you’ll want to watch in order to estimate how much energy buyers might bring to Friday’s session.