A 52 Week High for Yamana Gold, will it Hold?

Published on Thursday, 01 November 2012 12:34 Written by TradersHuddle Wire

New York, November 1st (TradersHuddle.com) - Shares of Yamana Gold Inc. (NYSE:AUY) booked a new 52 week high today by trading above $20.21, traders are definitely monitoring Yamana's price action to see if this move attracts further buying into the stock.

Yamana Gold Inc. (NYSE:AUY) is a Canadian-based gold producer with gold production, development stage properties, expoloration properties, and land positions in Brazil, Chile, Mexico, and Colombia. Yamana prodcued 1.05 million of gold equivalent ounces (GEO) in 2010. It has 4 development projects in Mexico and Brazil, expected to add 440,000 GEO.

Yamana Gold is currently trading -0.22% versus its previous trading session close, and it has calculated support and resistance at $18.37 and $19.82 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 1.04% from its previous trading close, which means that Yamana Gold stock is underperforming the overall market.