The 20 day moving average for sentiment in GLD is now at levels that have only occurred twice in the last 11 years. Once very near the bottom in 2008, and also at the D-wave bottom in 2006.
When sentiment gets this bearish the odds favor a contrarian trade.
The direction for gold in the very short term may be hard to predict, but the direction over the next 2-3 months should be very easy to predict.
History says gold will be much higher 2-3 months from now.