Gold Jumps 5.5% as GDX Explodes 14.3% and the Breakout Accelerates ~ Monday Market Moves

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Recording Date 8-21-2026. The S&P 500 had slipped 1.4%, the dollar had fallen 0.8%, and the US 10-year yield had risen 0.9%, but the real story was happening in commodities. Gold exploded 5.5% and pushed through its 200-day moving average, with my next major resistance zone sitting around $4,775 to $4,800. GDX was even stronger, surging 14.3%, while PHYS gained 5.3%. I'm bullish on the direction, but gold's daily RSI near 74 tells me this is not where I want to chase. Silver gained 6.8%, PSLV climbed 8.4%, and SIL jumped 11.2%. With mining ETFs potentially delivering 50% plus moves from recent entry areas, I think taking 10% to 15% off near major targets can be prudent.

I also see improving setups across copper, uranium and energy. COPX gained 10.4% after breaking its triangle, while uranium rose 2.2% to roughly $89.40 per pound and longer term contracts were around $95.50. SRUUF held about 81.7 million pounds off the market and remained near a 10% discount, while URNM climbed 6.7%. WTI oil bounced 5.2%, Brent gained 5.4%, and XLE rose 2.3%. Natural gas improved 1.8%, with roughly $2.90 becoming an important breakout level. I'm also watching platinum after its 7.9% rally, palladium after a 1.9% gain, nickel up 1.5%, and PICK for exposure to companies including Rio Tinto, Freeport and Glencore. My broader thesis remains that AI data centers and global electrification could add substantial demand for uranium, copper, oil, natural gas and coal.

Key Insights in this episode

✅ Gold surged 5.5% and could test the major $4,775 to $4,800 resistance zone.

✅ GDX jumped 14.3% while SIL gained 11.2%, creating potential trim opportunities after major miner rallies.

✅ Silver gained 6.8% but faces significant resistance around the $71 to $72 area.

✅ Uranium reached about $89.40 with Steve expecting improving seasonality and stronger upside potential.

✅ COPX rallied 10.4% as copper miners broke out, while copper itself needs to clear the $6.87 high.

✅ Energy demand from AI and electrification strengthens the long-term case for uranium, copper, oil, gas and coal.