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

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DG365FD46564GFH654FU898 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