5 things to watch on the ASX 200 on Friday

It looks set to be a subdued finish to the week for ASX 200 shares.

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On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a decent session and pushed higher. The benchmark index rose 0.3% to 7,014.9 points.

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

ASX 200 expected to edge higher

The Australian share market looks set to edge higher this morning despite a poor session on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 4 points higher this morning. In late trade on the United States, the Dow Jones is down 0.7%, the S&P 500 is down 0.8%, and the NASDAQ is down 0.9%. Comments from the US Federal Reserve saying that it has not done enough to bring inflation down sent bond yields higher and markets in a spin.

Oil prices rise

ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could end the week on a positive note after oil prices snapped their losing streak. According to Bloomberg, the WTI crude oil price is up 0.5% to US$75.69 a barrel and the Brent crude oil price is up 0.55% to US$79.97 a barrel. Traders appear to believe that oil prices have reached a bottom.

Buy the Xero dip

The Xero Limited (ASX: XRO) share price tumbled on Thursday after the cloud accounting platform provider's strong half-year growth wasn't quite strong enough for the market. Goldman Sachs has responded this morning, reiterating its conviction buy rating with a $141.00 price target. This implies 40% upside from current levels.

Gold price rebounds

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent finish to the week after the gold price rebounded overnight. According to CNBC, the spot gold price is up 0.3% to US$1,964.3 an ounce. Gold climbed despite the US Federal Reserve's comments on interest rates.

REA Q1 update

All eyes will be on REA Group Ltd (ASX: REA) shares today when the property listings company releases its first-quarter update. Goldman Sachs is expecting the realestate.com.au operator to deliver EBITDA growth of 21% in FY 2024. It will be worth looking to see if the company is on track to achieve this.

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