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5 things to watch on the ASX 200 on Friday

ASX share
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On Thursday the S&P/ASX 200 Index (ASX: XJO) was on form again and stormed higher. The benchmark index rose 0.4% to 6,715.3 points.

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

ASX 200 expected to rise again.

The Australian share market looks set to end the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 8 points or 0.1% higher this morning. This follows a positive night of trade on Wall Street, which in late trade sees the Dow Jones up 0.2%, the S&P 500 up 0.1%, and the Nasdaq trading 0.3% higher.

Oil prices push higher.

It could be a good day for energy producers Beach Energy Limited (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.1% to US$53.48 a barrel and the Brent crude oil price has risen 0.5% to US$56.35 a barrel. This was despite rising COVID cases in Europe and new lockdowns in China renewing concerns about global oil demand.

Gold price softens.

Gold miners such as Newcrest Mining Ltd (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price dropped lower. According to CNBC, the gold futures price is down 0.5% to US$1,847.60 an ounce. This appears to have been driven by a strengthening US dollar.

Iron ore price rises.

It could be a good day for mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) on Friday after the iron ore price pushed higher again. According to Metal Bulletin, the iron ore price has risen 1.3% to US$172.36 a tonne overnight. In late trade in the United States, the US listed shares of BHP and Rio Tinto are up 4.5% and 4%, respectively. Similar gains were made by their UK listed shares.

Whitehaven rated neutral.

The Whitehaven Coal Ltd (ASX: WHC) share price could be fully valued according to analysts at Goldman Sachs. The broker has responded to its “weaker than expected” December quarter update by retaining its neutral rating and $1.60 price target on the coal miner’s shares. This compares to the current Whitehaven Coal share price of $1.81.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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