5 things to watch on the ASX 200 on Tuesday

Another positive session is expected for the ASX 200 on Tuesday

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On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 0.1% to 7,058.4 points.

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

ASX 200 expected to rise again

The Australian share market is expected to rise again on Tuesday following a positive start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 17 points or 0.25% higher. In late trade in the United States, the Dow Jones is up 0.6%, the S&P 500 is up 0.75%, and the NASDAQ is 1.1% higher.

TechnologyOne results

The TechnologyOne Ltd (ASX: TNE) share price will be on watch on Tuesday. That's because the enterprise software company is due to release its FY 2023 results. A very strong result is expected by the market. So much so, that some analysts believe the company will bring forward its $500 million ARR target by a whole year.

Oil prices rise

ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a good session after oil prices rose again overnight. According to Bloomberg, the WTI crude oil price is up 2.2% to US$77.57 a barrel and the Brent crude oil price is up 2.2% to US$82.38 a barrel. Speculation that OPEC could make further cuts boosted prices.

Gold price falls

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued session after the gold price fell overnight. According to CNBC, the spot gold price is down 0.3% to US$1,978.6 an ounce. The gold price fell ahead of the release of minutes from the US Fed meeting.

Core Lithium shares downgraded

It is time to sell Core Lithium Ltd (ASX: CXO) shares again according to analysts at Goldman Sachs. This morning, the broker has downgraded the ASX 200 lithium share to a sell rating and cut its price target to 31 cents. Following lithium price weakness Goldman's analysts "now see increased risk that funding from existing cash/operating cash flows may be insufficient to fund BP33 development."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and Technology One. The Motley Fool Australia has recommended Technology One. 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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