Take a look at the GDX:GLD ratio over at www.stockcharts.com.
The ratio is very close to the level it was back in March 2009....
0.325 looks like the level to watch.
Gold topped on 20th Feb 2009, 2 weeks before the stock market bottomed.
I just checked my proprietary DBDT indicator and it gave a buy signal on GDX by the close of trade on 10th August. That's quite interesting for me since historically my indicator has been reasonably accurate with GDX.
GDX buy signal 10th August;
GDX 1 year;
Also a buy signal on XAU (Gold/Silver index)
If gold remains at elevated levels and crude remains suppressed then I would certainly think there is a strong chance of a very large upward breakout for the gold miners.