Gold falls as uranium nears a buy zone

I gave a live presentation this week outlining how I have achieved 19% annualised gains in my Retirement Trader service since 2018.

If you have been watching my Closing Bell videos and want to understand how I execute trades using the technical analysis system that I show you every week, then this presentation is for you.

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In last week’s Closing Bell, I said that I am leaning bearish, but won’t freak out until the S&P/ASX 200 [ASX:XJO] drops below 8,400 (currently 8,800).

We started the week down at 8,500 after the 5% fall in the US last Friday, but it was one-way traffic to the upside over the week, with a big jump today of 167 points to finish the week.

Fingers crossed Trump’s most recent announcement that a deal is about to be signed with Iran will turn out to be true (I’m not holding my breath).

In the bigger picture, our market remains stuck in its range, so it is difficult to know which way it will break.

Our microcap guru, Lachlan Tierney, joins me today before jetting off to the US to watch the soccer World Cup. Charlie is away today but will return next week.

Lachy and I kick off by discussing last week’s large fall in US stocks and whether it means a top is close by.

We then update you on the ASX, noting that the financials are looking particularly vulnerable here.

I have been warning you that gold was in a corrective phase and could head lower. We saw some serious downside in gold this week, and I will remain on the sidelines until there is solid proof that the correction has run its course.

Oil has also been falling as the market becomes more confident that the war is on its last legs. It seems like Trump is pretty keen to wrap things up and take his bat and ball home.

We finish up having a look at uranium, which has performed poorly over the last few months. I think it is setting itself up as a buying opportunity, and I’ll map out for you what I’d like to see to get bullish on uranium stocks again.

I show you one Aussie uranium stock that has dropped into a major buy zone, though it hasn’t given us a buy signal yet.

If you want to learn more about how I trade stocks by splitting trades up into three parts to ensure survival, make money consistently while also remaining exposed to explosive upside, be sure to check out my recent presentation on the ‘Free Ride’.