“Failure to hold above support in the $1,390 area was not unexpected... We would look to buy any dips toward support in the $1,325 area. Our greater view remains bullish.”They also said that, should $1,380 fail, $1,360 was the next way station down. Should gold get sustainably above $1,405, it would be encouraging but not that significant. Only a close above $1,435 would convince them that the bull run will continue.
To my eyes, given how gold performed today, this report looks fairly pessimistic even though the authors are careful to hedge. Perhaps the pessimism was highlighted to grab the attention of frightened gold bulls.