Yamana Gold Close to 50 Day Moving Average

Published on Thursday, 26 August 2010 04:16 Written by Danny Miller

New York, August 26th (TradersHuddle.com) - Shares of Yamana Gold Inc. (NYSE:AUY) closed the trading day at $10.17 close to its 50 day moving average currently set at $9.90. Yamana's price action is just above this important support level translating into a trading opportunity.

Yamana Gold Inc. (NYSE:AUY) is an intermediate gold producer with production, development stage, and exploration properties throughout Brazil. The Canada based company also holds gold exploration properties in Argentina.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $9.78 and calculated resistance at $10.41. 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.