Gartman: 'Gold is breaking down, it just looks horrible'

The gold price slid more than $25 or over 2% an ounce on Tuesday to a day low of $1,263 an ounce, levels last seen early February.

After trading in a narrow range on either side of $1,300 an ounce for months, Tuesday's drop unnerved traders and gold bulls who'd expected the metal to break higher.

Noted investor and a closely followed newsletter writer for the past 20 years, Dennis Gartman tells CNBC "Gold is breaking down, it just looks horrible:"

Earlier this year Gartman, who does not consider himself a gold bug, said that he has "quietly turned bullish on gold".