AUY (Yamana Gold) Daily Chart
Another top pick in the mining sector recently added to the Live Chart Links page, AUY (Yamana Gold Inc.) triggered a long entry today on a break above the R1 (minor downtrend line) resistance level. T1 (first target) is the primary downtrend line with T2 & T3 (the current final target) marked by horizontal resistance levels (exact suggested profit taking levels to be added soon). The live, annotated chart of AUY can be view by clicking here.
As I’ve recently made a case that a lasting bottom (i.e.- end to the current bear market) in gold may be close at hand and possibly even in place at this point, many of the recent mining stock trade ideas have the potential to morph into Long-Term Trade Ideas. Long-term Trades are trade or investment ideas that have the potential for significant returns over a longer-term period, typically several months or more. As such, additional price targets may be added to these trades assuming that gold, silver and the mining sector does bottom soon and these trades begin to pan out. The targets current listed on AUY as well most of the recently posted trade ideas in the sector are typical swing trade targets with expected holding periods anywhere from a few weeks (to the early targets) out to about 6 months or so (for the current final targets).