With several sectors looking heavy, the heaviest metals are actually levitating a bit. Check out Yamana Gold (AUY). (February 06, 2017)
In this Free video I want to look at Yamana Gold ( NYSE:AUY ). Gold has really been, lets just say it has been light lately as opposed to heavy, it has been moving higher. Yamana Gold ( NYSE:AUY ), volatility squeeze; this breakout from a downtrend, right here. Most of these bars are green down here, that is not that remarkable on St. Patrick’s Day but this isn’t that. Then we get a little tight squeeze here, and now we have got a breakout above this resistance level on volume. Volume today, heavier than average. But again, you look at this, most of these bars are green, so this is institutional buying.
I think you can buy this stock now, and kind of look at it again when it is up about 15 percent or so, up to about $4.00. Keep an eye on the overall gold market. Look at the GDX ( NYSEARCA:GDX ), look at the GLD ( NYSEARCA:GLD ) and make sure that those are also tracking well, but you can buy this stock now. The bottom of the range should be today’s open, which is 3.45, right down here. So you don’t want to give this A LOT of room. But you start taking a small position and if the stock starts to move up, it is plenty liquid, 13 million shares traded today. You can start buying this stock on the way up and this could turn out to be a really good trade for you.