Market watch Dennis Gartman said he is "reasonably impressed" by gold's upbeat performance Tuesday but is stopping short of saying the metal is in an official bull run. "I would say it's a bullish market for gold...I wouldn't go on a limb and say it's a bull market." he said in an interview Tuesday. "Spot gold getting upward through $1,328-$1,330 [an ounce] would be impressive, we'll see if it can do that. Right now, it seems to want to do that," he explained.
A weakening U.S. dollar index early this week is propping up the precious metals market with April Comex gold futures last up $4.70 an ounce at $1,331.00.
Gold has been suppressed by margin call covering following last week's equity correction, but signs of gold selling in the market are no longer there, Gartman, editor of the popular newsletter, The Gartman Letter explained.
Gartman noted that this week will be particularly significant for gold with the Chinese Lunar, the last four have seen double-digit gains for gold.
"The removal of the Chinese from the market for the next week or so would be detrimental [for gold]", he told Kitco News, "but...that's just not true. Historically, the gold market has actually risen during the Spring/Lunar New Year festival," he said.
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