Dennis Gartman Sees A Bottom In Gold

On CNBC's Fast Money, Dennis Gartman said that the U.S. dollar denominated gold has bottomed. He explained that he has been bullish on gold in non U.S. dollar terms for a long time and traders who held gold in euro or yen terms have done well. Now, for the first time after a long time he thinks that we may have seen the lows for gold in U.S. dollar denominated terms.

Gartman is still not prepared to buy gold in U.S. dollar terms, but he thinks that a reversal on Friday is very important from a technical standpoint. He still wants to be long gold in euro or yen terms, but if the U.S. dollar denominated gold stays above 1,100 in a month, he will consider buying it.