Trend in gold “is clear and the bears are on the defensive”

Gold futures briefly surpassed $1,800 per ounce Tuesday afternoon before
turning sharply lower amid reports that Italian Prime Minister Silvio Berlusconi
will resign from office. The yellow metal hit $1,804.40 at approximately 12:58pm
ET, but subsequently tumbled to as low as $1,778.20 before rebounding slightly
to $1,785.00 per ounce. Commenting on the outlook for gold, long-time
commodities investor Dennis Gartman wrote in his daily Gartman Letter that