Gold Rush Could Make AUY a Solid Buy

Breakout in Yamana Gold possible as investors move to safety of precious metals

   

Gold Rush Could Make AUY a Solid Buy

Yamana Gold (NYSE: AUY) — This large-cap Canadian gold miner made a high at just over $13 in March, but fell to a low of just over $11.25 in June. Since November, the stock has been consolidating in that broad range. 

In late June, Yamana announced a major discovery of gold and copper in Brazil, and yesterday, it broke through its bearish resistance line on high volume and an increase in momentum.

This popular mining operation could benefit from a rush by investors to the perceived safety of gold ownership. A break to new highs is possible with a 12-month target of $15. 

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Article printed from InvestorPlace Media, http://investorplace.com/2011/07/trade-of-the-day-yamana-gold-nyse-auy/.

©2014 InvestorPlace Media, LLC

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