In the past FNV followed the Gold but now it has been divergent to the bearish side. Now FNV is sitting on the important support which was previously acted as a resistance.
As long as this level holds up and Gold continue its rise (with DXY decline which is correlated factor) FNV should retract back to previous high and then even higher.
In case we break below the support I would recommend stay off the market and wait for the price to come back up or break even lower below the highlighted support - which would be extremely bearish for the stock but also highly unlikely.
As long as this level holds up and Gold continue its rise (with DXY decline which is correlated factor) FNV should retract back to previous high and then even higher.
In case we break below the support I would recommend stay off the market and wait for the price to come back up or break even lower below the highlighted support - which would be extremely bearish for the stock but also highly unlikely.