Gold has been on a nice run over the last few months. The price has jumped from just under $1,600 an ounce to just under $1,800.

Unfortunately, the rally might be closer to the end than it is the beginning.

Gold faces resistance at the $1,800 level, with no closes above this level since September 2011. The most recent rally is the third time in the past year that the metal has approached the resistance level, but has failed to close above it in each case.

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The technical resistance is worrisome, but perhaps even more important is the sentiment toward gold.

The most recent Commitment of Traders report for gold shows that large speculators have reached a net long position of over 200,000 contracts. This is the first time the position has gone above the 200,000 mark since Aug. 9 of last year.

After peaking at almost 250,000 contracts in August 2011, the net long position of large speculators started to decline.

Approximately one month after the optimism peaked, the price of gold peaked up at $1,923 an ounce and hasn’t been anywhere near that level since.

With gold facing resistance at $1,800 and optimism hitting historically significant levels, it looks like gold is about to see a pullback.

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