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5 things to watch on the ASX 200 on Tuesday

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On Monday the S&P/ASX 200 Index (ASX: XJO) started the week in a positive fashion and recorded a small gain. The benchmark index rose 0.25% to 6,660.2 points.

Will the market be able to build on this on Tuesday? Here are five things to watch:

ASX 200 expected to edge higher.

The Australian share market looks set to start the day slightly higher. According to the latest SPI futures, the ASX 200 is poised to open the day 3 points higher this morning. This follows a reasonably mixed start to the week on Wall Street. In late trade the Down Jones is down slightly, the S&P 500 is up 0.1%, and the Nasdaq has risen a solid 0.9%.

Tech shares on watch.

It could be a positive day for Australian tech shares such as Afterpay Ltd (ASX: APT) and Nearmap Ltd (ASX: NEA) on Tuesday after their US counterparts stormed higher. The local tech sector has a tendency to follow the lead of the Nasdaq index, which is up a sizeable 0.9% in late trade on Wall Street.

Oil prices rise.

Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could push higher today after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 0.4% to US$46.75 a barrel and the Brent crude oil price has risen 0.3% to US$50.11 a barrel. Vaccine hopes and a ship explosion in Saudi Arabia were behind the rise.

Gold price tumbles.

Gold miners such as Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) could come under pressure after the gold price tumbled lower. According to CNBC, the spot gold price has fallen 0.65% to US$1,831.10 an ounce. Gold prices softened after the rollout of a COVID-19 vaccine in the United States drove optimism of a swift economic recovery.

Altium rated neutral.

The Altium Limited (ASX: ALU) share price is fully valued according to analysts at Goldman Sachs. In response to its decision to offload its TASKING business, the broker has retained its neutral rating and $36.35 price target. This compares to the current Altium share price of $36.03.

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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 Nearmap Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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