New York, June 9th (TradersHuddle.com) - Shares of Yamana Gold Inc. (NYSE:AUY) closed the trading session at $11.76 near its 200 day moving average currently set at $11.84. Yamana's price action is below this important level, which makes the stock difficult to buy, as there will certainly be resistance as it approaches its 200 day moving average.
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.
Latest price action range, defined by a peaks and troughs algorithm places calculated support at $12.35 and calculated resistance at $13.02. These levels are being closely watched by traders, as they provide great reference points for the latest price dynamics in Yamana Gold shares.
Traders should evaluate their trade if they want to establish a position on Yamana Gold given the resistance could materialize as the stock approaches the 200 day moving average. A trade might materialize as the stock manages to break this important level, as it could be used as support going forward, however until the break materializes, traders need to exercise patience. Other levels that traders will be evaluating are the ones defined by the peak and troughs algorithm that provides great price action reference points.
