Does the weakness in gold and silver rule out a rally for bullish bugs in precious metals?

For months we've been tracking the meanderings of gold and increasingly interested in whether it fulfills the gold bulls' (bugs) view of another big move up. If it does, we've got a number at 1198; and after this big consolidation, yet higher levels also can be considered. But my suspicion is the the bearish count remains likely. Now, Raymond Merriman in his weekly comments stated that a bullish move is probable for perhaps 3-9 days (if memory serves on the number), during the rest of this month. Well, if it needed to go down first in order to make that possible - we sure had a down move today! To my eye, it fell under yet another potential uptrend line .... But still hasn't confirmed the bearish view, or ruled out the bullish view - so while remaining on the skeptical side, let's see both sides of the trade.

The silver chart is an example that can still, theoretically, be viewed as a bullish i,ii,(i),(ii),1,2 and readying for a nice 3 of three up. The other idea, more bearish, is that gold and silver drop and any several-day bullish move up would merely be corrective for the bigger pattern.

I mentioned a head and shoulders pattern that may be forming which you can see in the silver weekly chart. Today's drop makes the idea of a right shoulder more possible. And, silver has moved back under a significant Fibonacci level. Unless it's able to regain that, such as being just a second wave pullback for bulls to buy for that third wave up idea. That's why anyone taking a bearish stance might want to consider a stop loss placement, just in case. After all - silver did close at its 50-day moving average; and there's a substantial pivot that remains under gold if it does fall more.