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Investment Recommendations: March 24th

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Investment Recommendations: March 24th

Introduction

Ethereum: Short-Term buy

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Ethereum, Daily Chart

Ethereum is in an explosive long-term move on the upside that already took it from the long-standing resistance near 13 up to its recent highs near 48. While it might not be the best time to jump in for an investor, another leg up in the ongoing trend might have started today, giving short-term traders a chance to ride the wave.

Strong support is found between the 35 and 37 levels. The relative strength of Ethereum compared to Bitcoin in recent days could be a sign of further gains ahead, despite the current overbought state. The low-volume correction of the past few days is also consistent with the continuation of the main trend.

Gold: Short-Term Buy 

Gold, Daily Chart

As the bounce in global stocks ensues, the Shiny Metal consolidates in a narrow range below the key 1250 level, with a stable-looking support zone between 1235 and 1240. While the long-term trend is still neutral, another push to new 6-month highs above the 1262 zone is possible, and 1300 seems to be a realistic target for the move.

Long-term support is found near 1220, while the November highs serve as resistance just above 1300, around the 1308 level. The MACD recently gave a buy signal and remains in neutral territory, giving further room for the price to advance. The well defined rising trend channel also projects further gains in the next couple of weeks.

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

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