New Price Targets for 2 Uranium Buys as Energy Mania Heats Up
Uranium stocks continue to rally as the U.S. dollar loses ground.
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How hot is uranium right now? Hotter than a roofer wearing a wool turtleneck in August.
It’s still January, and year-to-date, the price of the radioactive heavy metal has gained over 33%.
That’s more than gold, which has climbed by about 23% this year, but less than silver, which has gained an incredible 60% so far in 2026.
One of the factors behind the sharp move in commodities prices is the falling U.S. dollar, as explained here.
Energy Fuels Jumps 14.7%
On Wednesday, our top pick in this sector, Energy Fuels (UUUU) , gained 14.7% to close at its highest level in nearly fifteen years. This means our poorly timed initial entry on the uranium stock is finally profitable.
According to the charts, the move in Energy Fuels, as well as in other uranium and related stocks, could be just getting started.
Over the past three months, Energy Fuels has formed a saucer pattern (shaded yellow). Think of this bullish pattern as a cup and handle, but without the handle.
Based on this formation, our new target price for Energy Fuels is $40.
Adding This Uranium ETF
In the interest of diversification, instead of adding to our Energy Fuels position, we’re opening a new position in a uranium ETF. The Global X Uranium ETF (URA) closed at a 13-year high on Wednesday, after gaining 6.7%.
Global X Uranium's chart reveals a similar pattern to Energy Fuels, but with a slightly cleaner breakout. Our target price for the uranium ETF is $80.
Last year, URA gained 67.4%. The ETF has gained 34.2% so far in 2026.
Energy Demand Drives Uranium
What’s driving the move in uranium? It’s the rapidly rising demand for energy, driven in part by the increase in information technology data centers. This in turn is driven by the rapid ascent of AI. Energy consumption by global data centers is expected to double by 2030.
There is plenty of hype surrounding anything and everything involving artificial intelligence. The question is, are current valuations justified? As usual, we'll rely on price action to make our buy and sell decisions.
Bottom Line
Uranium’s melting temperature is 2,070 degrees Fahrenheit. Investors will also need to withstand the heat when investing in this volatile sector. We plan to stick with these positions as long as momentum is in our favor.
At the time of publication, Ponsi was long UUUU and URA.
