Gold Drops 4.1% and Silver Falls 5.9% as Uranium Signals a Breakout ~ Monday Market Moves

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Recording Date 10-24-2026. This week, I start with the S&P 500, which fell 0.5%, although I still see a large bull flag that could lead to higher prices next week. The DXY was flat, while Treasury yields continued falling, with the 10-year showing bearish technical patterns. Gold dropped 4.1%, and I'm watching $3,950 as critical support, with roughly a 60% probability that it holds. I expect gold to initially move lower and test that level. PHYS nearly reached my $30 limit-order line, while GDX fell 8.6%, and I expect further downside. Silver declined 5.9%, and I believe $50 is a likely target. I've lowered my green limit-order lines to $16 for PSLV and $21 for SILJ. Copper slipped 1%, while COPX dropped 8.6% and is showing an attractive oversold setup near the bottom of its parallel channel.

Uranium remains my favorite buying opportunity. Spot prices were flat, but a developing bull pennant, positive RSI divergence in SRUUF, and capitulation in uranium equities have me increasingly bullish. The long-term uranium contract price is $6.50 above spot, adding to my conviction. URNM fell 3.3%, and I believe the sector offers exceptional value despite the potential for further volatility. Meanwhile, WTI gained 4.4% and Brent surged 6.2%, but both are approaching resistance, making me reluctant to chase the rally. Natural gas dropped 7.4%, while FCG has delivered approximately 12% to 13% gains from my preferred Fibonacci and 200-day moving-average setup. I'd consider taking profits on a short-term trade while letting a long-term position ride. I also cover bullish coal patterns and positive RSI divergence in the coal ETF, platinum's 4.3% decline, palladium's 6% drop, nickel's 3.1% gain, and an oversold PICK ETF that may offer an attractive entry despite recession risks.

Key Insights in this episode

✅ Gold fell 4.1%, with $3,950 remaining critical support and a 60% probability of holding.

✅ Silver dropped 5.9%, with $50 emerging as my next major downside target.

✅ Uranium is forming a bullish pennant, while SRUUF shows positive RSI divergence and URNM offers attractive valu