Yamana Gold (AUY) has staged a nice rally this afternoon, rising more than 3% following an upgrade. UBS boosted its rating on the shares from "neutral" to "buy." According to Zacks, brokerage firms are relatively optimistic when it comes to Yamana, giving it 7 "buy" ratings and 4 "holds." There is still room for additional upgrades and fresh coverage, which could add some buying pressure to the shares.

What really caught my attention was the stock's recent technical performance. The shares appear to be bouncing back from their April 1 low of $13.66. Yamana has made a series of higher highs and higher lows since mid-August, gaining nearly 77% from its low of $8.40. The equity's April low is also home to the security's 10-month moving average, adding another layer of support to the region. The stock could be starting the next leg of its uptrend.