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It’s Time to Buy Gold Again

Yamana Gold (NYSE:AUY) — This large-cap Canadian-based miner of gold properties in the Americas has been recommended several times by me, first as one of the Top Stocks to Buy for November, and then as a Trade of the Day on Jan. 10, at under $15.  

And this gold miner is a favorite of Wall Street analysts, as well, with 10 of 15 having a “buy” or “hold” on the stock. 

The deep correction in gold may have run its course with the “smart money” beginning to buy again. The fundamental analysts, like Credit Suisse, have raised their target from $18 to $21, because of the company’s increase in gold reserves, its ability to meet estimates, and its increased dividend. 

AUY’s chart pattern has evolved into a powerful bull channel with clearly defined support and resistance lines. Our buy under for AUY is $16 with a target of $22.

AUY Chart
Click to EnlargeTrade of the Day Chart Key

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