New York, June 10th (TradersHuddle.com) - Shares of Yamana Gold Inc. (NYSE:AUY) are trading very close to calculated support at $11.65 with current price action closing at just $11.90 places the stock price near levels where traders will start paying attention.
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's current stock range is defined by current calculated support defined at $11.65 and by the resistance level at $13.02, which should be used by traders planning their trades.
Traders wanting to establish a position should place close attention to Yamana's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $13.02 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.
