"As markets change, it's always a technical circumstance," he said. "Rarely is it a fundamental change that gives you a shift in sentiment."
Gold traded down $2 per ounce, closing at $1,253.40.
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On CNBC's "Fast Money," Gartman noted that bearish sentiment had only gotten worse last week.
"You had an outside reversal day. You had absolute, abject panic. You had throwing overboard of positions. You had commercials on the futures market having their smallest net short positions — almost to the point of being net long — that we have seen in many, many years," he said, noting that gold prices had seen a 27 percent decline.
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"And when you listen to television, when you listen to the radio, when you read the newspapers, all you got were bearish implications for gold," Gartman added. "That's the sort of circumstance that gives you a turnaround, and I think you had it."