Close to the 50 Day - Yamana Gold

Published on Tuesday, 24 January 2012 19:24 Written by Christopher Lynn

New York, January 24th (TradersHuddle.com) - Shares of Yamana Gold Inc. (NYSE:AUY) closed the trading day at $15.41 close to its 50 day moving average currently set at $15.37. Yamana's price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $15.06 and calculated resistance at $15.85. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Yamana Gold will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.