5 things to watch on the ASX 200 on Monday

It looks set to be a tough start to the week for the ASX 200.

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On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a small gain. The benchmark index rose 0.2% to 6,826.9 points.

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

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ASX 200 expected to sink

The Australian share market looks set to open the week deep in the red following a relatively poor finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 67 points or 1% lower on Monday. In the United States, the Dow Jones was down 1.1% and the S&P 500 fell 0.5%, but the NASDAQ rose 0.4%. Middle East tensions are weighing on markets.

Oil prices charge higher

It could be a good start to the week for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices charged higher on Friday night. According to Bloomberg, the WTI crude oil price was up 2.8% to US$85.54 a barrel and the Brent crude oil price was up 2.9% to US$90.48 a barrel. Concerns about Middle East supplies was behind the rise.

IGO quarterly update

The IGO Ltd (ASX: IGO) share price will be one to watch on Monday. That's because the battery materials producer will be releasing its quarterly update. All eyes will be on the price the company is commanding for its lithium. Rivals have recently posted sharp declines in their average realised prices.

Gold price above US$2,000

ASX 200 gold shares such as Bellevue Gold Ltd (ASX: BGL) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price broke through the US$2,000 an ounce mark. According to CNBC, the spot gold price was up 0.95% to US$2,016.3 an ounce. Increased demand for safe haven assets boosted the precious metal.

ResMed named as a buy

The ResMed Inc (ASX: RMD) share price could rise almost 50% from current levels according to analysts at Goldman Sachs. In response to its quarterly update, the broker has retained its buy rating with a $32.00 price target. It commented: "[W]e believe the perceived downside risk from GLP-1/GIPs has been over-capitalised at RMD's current valuation."

Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and ResMed. The Motley Fool Australia has positions in and has recommended ResMed. 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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