Charles Spurgeon Commentary Exodus 32:18

"And he said, It is not the voice of them that shout for mastery, neither is it the voice of them that cry for being overcome; but the noise of them that sing do I hear." — Exodus 32:18 (ASV)

And he said, It is not the voice of them that shout for mastery, neither is it the voice of them that cry for being overcome: but the noise of them that sing do I hear.

Moses knew that it was not a battle cry either of the victors or the vanquished, but the song of idolatrous worshippers.