The most literal reading of the text is: You shall not have for yourself other (the Hebrew word for other, here being in the plural form) "Elohim" (alt. translation, gods of others) upon (alt. translation, near) my face.
The word underlined and in italics in Hebrew has different meanings in different places of the Bible.
For the time being I will not translate the word I left in italics in order to move on to my next point.
There are a number of different opinions in Rabbinical Literature, what exactly took place in the sin of the Golden Calf. At this point in time, I will not try to favor one over the other. But I will point out that after the Children of Israel sinned, Moshe {Moses} according to the Midrash tried to appeal to G-d in his prayers, that one could lessen the severity of their sin, by saying the people made a mistake and were not intentionally rebelling against G-d, because they were using the most literal understanding of the text, that led them to make a mistake. Moshe contended that perhaps the people believed that only Moshe himself, was commanded not to have for himself other "Elohim" (alt. translation gods of others). Moshe contended that the people believed mistakenly that the rest of the nation was not obligated in this commandment.
The people were wrong, but Moshe was saying don't judge them by the harsh standards given to intentional sinners. Judge them by the more lenient standards shown to those who make sins by mistakes.
In English without being aware of the literal meaning of the Hebrew words of the text, it would be hard to arrive at an understanding how could the Midrash contend, that Moshe made such a defense on behalf of the Jewish people. But knowing the most literal meaning of the text you could understand how Moshe acting as a good defense lawyer for the Jewish people made this claim.
The question still has to be dealt with why wasn't it perfectly obvious to the Jewish people given their previous history that they were forbidden to make a Golden Calf, even if the wording of the commandment was slightly unclear. This question I hope to deal with in a future post.