I'm writing well before the stock market close. That rounding bottom in gold has clearly broken to the downside, as can be seen in this chart of the gold ETF GLD, my proxy for the gold action:
Given the importance of this break, at least in my eyes, I would be expecting the miners to be much weaker than they are. I find the stubborn strength in the miners extraordinary under the circumstances.
I'm keeping my eye on the miners -- their relative strength remains the fly in the ointment for the bearish case.