Back in 2013 I recall having a bearish view on the stock market due to extremely bullish sentiment readings. The market completely ignored that, made a major breakout through 13 year resistance and continued running for years.

Lesson learned.

Turning to Gold, we find something similar during major breakouts in 2005, 2007 and 2009. In the chart below we plot Gold along with its net speculative position (as a percentage of open interest) and the widely followed daily sentiment index.