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.
- See Sam Collins’ Daily Market Outlook: Support Must Hold or We Are in Trouble
- See Serge Berger’s Daily Market Outlook: Market Proves to be Fearless — But Will It Last?
- See Serge Berger’s Trade of the Day: Ann Taylor is Out of Fashion, So Short the Stock Now
