Could today be the day that finally breaks gold bugs' hearts?
Bullion broke down to a three-month low Tuesday, plummeting below the critical support level of $1,280 per ounce. And according to "the commodities king," Dennis Gartman, there is more pain to come.
"Gold is breaking down, it just looks horrible," Gartman said on CNBC's "Futures Now."
Gartman had been in the moderately bullish camp, but the recent price action, and the technical setup is flashing a big red sell sign.
"There was a five-month-long consolidation that set up in the gold market. And those kind of long term consolidations usually resolve themselves in the direction that prevailed previously," Gartman said. In other words, many traders expected gold's recent narrow trading range to resolve itself in an upward move, which is how the commodity has tracked this year.
"In this instance, gold has broken, it consolidated, and now it's broken again. It's taken out all support."
Tuesday's decline in gold comes amid what many traders pointed to as a constructive backdrop, including unrest in Ukraine and a rally in crude and other commodities.
But for gold bugs, nothing seems to be working. And unless there is a sudden spike in inflation, Gartman isn't getting bullish anytime soon.
"I'm sorry, we simply don't see that happening at this point."
—By CNBC's Amanda Diaz
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