Gold prices have been surging, but the rally is on shaky ground

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There’s excessive bullishness, suggesting the rally could fizzle

(Photo by DIMITAR DILKOFF/AFP/Getty Images)

Gold’s path of least resistance over the near term is down.

That’s because the gold market timing community is overwhelmingly bullish right now. That’s a bad sign from a contrarian point of view. It means that the sentiment winds will be blowing in the direction of lower prices for the next few weeks.

I hope I need not remind you that this…