New York, June 23rd (TradersHuddle.com) - Shares of Yamana Gold Inc. (NYSE:AUY) closed the trading session at $11.60 near its 50 day and 200 day moving averages currently set at $12.17 and $11.91 respectively. Yamana's price action is below these important levels, which makes the stock difficult to buy, as there will certainly be resistance as it approaches these important moving averages. 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 placed calculated support at $11.10 and calculated resistance at $13.02. These levels should be watched by traders, as they provide insight into the latest price dynamics in Yamana Gold shares. Traders should evaluate their options if they want to establish a position on Yamana Gold given the heavy resistance expected near the 50 and 200 day moving averages. A trade might be evident as the stock manages to break these moving averages, however until the break materializes buying the stock is nothing different than flipping a coin. Other levels that traders will closely evaluate are the ones defined by the peak and troughs algorithm that provides great price level reference points.

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