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Mark Hulbert: Here’s what is holding gold back

Gold is unlikely to mount a sustainable rally anytime soon — just as it failed in June to build on its strong May performance.

That’s because there remains too much bullish enthusiasm in the gold market GCQ7, -0.93% . According to contrarian analysis, a rally that lasts more than a couple of weeks isn’t likely until there is a lot more pessimism and despair among gold investors — a Wall of Worry, in other words.

Gold’s inability to sustain its May strength is a textbook illustration of what happens when a rally begins on a foundation of too much bullishness.

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