ET NEWS

Gold was trading with mild weakness on Monday amid profit booking ahead of the US Federal Reserve's monetary policy meeting this week whose outcome is awaited on Wednesday.October Gold futures were trading at Rs 1,09,180 on the MCX around 6:40 pm, down by Rs 190 or 0.17%. On the COMEX, the prices were flat at $3,685.60 per troy ounce, though with a slight negative bias. Gold got support as markets price in a possible 50 bps Fed rate cut after weaker jobs and payroll data while trade tariff uncertainty underpins the safe-haven demand, said Jateen Trivedi, Vice President, Research Analyst at LKP Securities, commenting on the current trends. He sees the current prices as stretched, raising the possibility of consolidation.Among the domestic factors, Indian rupee remains a key. Its continued weakness against the dollar has been supporting the bullion prices.1) Key support & resistanceGold October futures traded firm but faced resistance near Rs 1,09,700–1,09,900. On the downside, key support lies at Rs 1,08,850 followed by Rs 1,08,300. A decisive move above Rs 1,09,900 could extend gains towards Rs 1,10,400, while a slip below Rs 1,08,850 may invite short term selling pressure.2) RSIRSI (14) is at 50.77, indicating consolidation after an overbought phase. This neutral zone suggests the market is cooling off, and strength will be confirmed only if RSI trends higher above 60.3) Bollinger bandsPrices are moving closer to the mid-band after testing the upper band. The narrowing bands point toward consolidation in the near term, though expansion could reignite volatility.4) Moving averagesEMA-8 and EMA-21 are flatlining with price hovering around them, confirming a consolidation phase. Sustained trade above EMA-8 (Rs 1,09,300) will keep short-term bullish momentum intact.5) MACDMACD is still in positive territory but has flattened out, with the histogram narrowing. This suggests loss of momentum, hinting at sideways to corrective price action before the next directional move.Gold trading strategyGold has entered a consolidation zone after a sharp rally, but fundamentals remain supportive. A buy on dips strategy is advisable for the week. Buy near Rs 1,08,850 for targets of Rs 1,09,900/1,10,400 and a stop loss of Rs 1,07,450.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Tesla Inc Chief Executive Officer Elon Musk has purchased company's shares worth $1 billion from the open market. He bought shares on Friday in multiple tranches and at different price points, according to a regulatory filing by the US electric car maker. It was his first purchase of the stock in the open market since February 2020 and Musk purchased around 2.57 million shares.Tesla shares were hovering around $417.95 around 7:04 AM ET (4:30 pm India time) and they had closed Friday at $395.94 apiece.Tesla shares have been in top action over a 1-year period, gaining by 75%.The company has been in news earlier this month as it said that it would ask shareholders to approve a new pay package for Musk that could be worth up to $975 billion based on various ambitious milestones.Moreover, a Class Action lawsuit has been filed against the company on behalf of investors who lost money as a result of alleged securities fraud between April 19, 2023 and June 22, 2025.Tesla is an American public company that designs, manufactures, and sells electric vehicles (EVs) and clean energy products like solar panels and battery storage. It was founded in 2003 and is named after inventor Nikola Tesla.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)