Young made two eagles and seven birdies at the TPC River Highlands course for the first sub-60 score in nearly four years on the PGA Tour.
Yang, 34, has carded just three bogeys in 54 holes as she looks to add a major title to her five LPGA Tour wins.
South Korea's Any Yang, chasing her first major title, grinded out a one-under par 71 to grab a two-stroke lead after Saturday's third round of the Women's PGA Championship."All I can do is the best I can do for the day," Yang said of the final-round pressure to finally win a major.