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5 things to watch on the ASX 200 on Friday

On Thursday the S&P/ASX 200 Index (ASX: XJO) returned to form and pushed higher again. The benchmark index climbed 0.3% to 6,094.5 points.

Will the market be able to build on this on Friday and finish on a high? Here are five things to watch:

ASX 200 set to fall.

It looks set to be a disappointing finish to the week for the ASX 200. According to the latest SPI futures, the benchmark index is expected to open the day 55 points or 0.9% lower this morning. This follows a poor night of trade on Wall Street which saw the Dow Jones fall 1.3%, the S&P 500 drop 1.2%, and the Nasdaq tumble 2.3% lower.

Tech shares could tumble.

It could be a difficult day of trade for tech shares such as Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX). Australia’s leading tech shares have a tendency to follow the lead of their U.S. counterparts. And given how the tech-focused Nasdaq index tumbled notably lower last night, this doesn’t bode well for them this morning. The likes of Microsoft and Apple both dropped over 4%.

Oil prices drop.

Energy producers such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could come under pressure today after oil prices dropped lower. According to Bloomberg, the WTI crude oil price is down 2.1% to US$41.03 a barrel and the Brent crude oil price is down 2.3% to US$43.26 a barrel. Traders were selling oil amid concerns that further spikes in coronavirus cases could hurt demand.

Gold price closes in on US$1,900 an ounce.

Gold miners including Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) could be on the rise again today after the gold price surged higher on the back of stimulus hopes. Overnight the price of the precious metal closed in on the US$1,900 an ounce milestone. According to CNBC, the spot gold price is up 0.95% to US$1,882.90 an ounce.

CSL shares rated as a buy.

The recent weakness in the CSL Limited (ASX: CSL) share price could be a buying opportunity according to Goldman Sachs. This morning the broker retained its buy rating and $326.00 price target on the biotherapeutics company’s shares. After doing a deep-dive on plasma collections, it doesn’t believe there is anything to worry about. Investors have been concerned that the pandemic could impact collections and this could weigh heavily on the future production of some key therapies.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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