From the link above it seems they are still as bearish towards gold than at anytime in the past. This applies to GLD but not the futures. The more gold
bears that are out, or the lack of gold bulls, the better it is for gold in the long run. When market sentiment is this low, it has only one way to go and that is up! The markets will never please those emotional traders and investors that just flip flop around on some emotional fundamental reporting.
It took gold 5-6 months to finish a crash which I see as a bull market correction, and not the end of a bull market that many analysts claim. Some claim that gold still has to fall below $1000, but if that's the
case, then gold stocks must follow. It is pretty hard for gold stocks to stay in a bull market while gold resumes its bear market to a new record low.
Gold has started its wild ride in late 2016, but now seems to be in a small correction. Corrections may not be so obvious on the first leg up, but I'm sure the corrections will get much bigger once my anticipated wave 1 in Minute degree arrives. Gold may struggle at a double top, but eventually should break out above that $1375 price level.
The top trend line is pointing to about the $1500 price level at this time, but "C" wave bull markets have a nasty habit of overshooting. Since I'm working gold as a zigzag, they can alternate in pattern where the "C" wave refuses to correct and acts like the first set of waves from the late 2015 bottom.
The correction from the July 2016 top shows how patterns can alternate. One set is wild with large physical waves while the next set of 5 waves does something entirely different. This is very common, and happens at all degree levels as well.