5 things to watch on the ASX 200 on Tuesday

Here’s what to expect on the ASX 200 on Tuesday…

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A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought

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On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week on a positive note. The benchmark index rose 0.25% to 7,093 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 edge higher again on Tuesday despite a poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 24 points or 0.35% higher. On Wall Street, the Dow Jones rose 0.1%, the S&P 500 dropped 0.4%, and the Nasdaq sank 1.2%.

Goodman shares in the buy zone

The Goodman Group (ASX: GMG) share price is good value according to analysts at Goldman Sachs. In response to its third quarter update, the broker has retained its buy rating and lifted its price target to $25.40. It commented: “GMG reported a solid 3Q update and continues to demonstrate its strong platform and positioning.”

Oil prices charge higher again

Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 3.1% to US$113.93 a barrel and the Brent crude oil price has risen 2.3% to US$114.15 a barrel. Oil prices rose amid optimism of an increase in demand in China as it reopens.

Gold price rebounds

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent day after the gold price rebounded overnight. According to CNBC, the spot gold price is up 0.8% to US$1,823.1 an ounce. The precious metal was boosted by softening US bond yields.

Seek rated as a sell

The Seek Limited (ASX: SEK) share price could be overvalued according to analysts at Goldman Sachs. Although the broker notes that the Seek Employment Index grew 23% in April, it fears this may be as good as it gets. Goldman expects meaningful labour market headwinds to emerge as trading conditions normalise, causing a slowdown in earnings in FY 2023. Goldman has a sell rating and $26.60 price target on Seek’s shares.

Motley Fool contributor James Mickleboro has positions in SEEK Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended SEEK Limited. 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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