5 things to watch on the ASX 200 on Tuesday

A better session is expected for Aussie investors today.

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On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a disappointing fashion. The benchmark index fell 0.75% to 7,763.2 points.

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

ASX 200 expected to rebound

The Australian share market is expected to rebound on Tuesday following a decent start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 22 points or 0.3% higher. On Wall Street, the Dow Jones was down 0.1%, but the S&P 500 rose 0.1%, and the Nasdaq pushed 0.3% higher. The latter two indices closed at all-time highs.

Buy Evolution shares

The Evolution Mining Ltd (ASX: EVN) share price could be undervalued according to analysts at Goldman Sachs. This morning, the broker has reiterated its buy rating on the gold miner's shares with an improved price target of $4.15. Ahead of the release of its quarterly update, the broker said: "Following the production update in mid-June, we expect FY24 production to be in-line with implied guidance of ~723koz. With reduced uncertainty over the medium-term, particularly following Northparkes/Cowal site visits, our expectations for ~750koz/75kt of gold/copper production appear consistent with market expectations."

Oil prices tumble

It could be a poor session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices pulled back overnight. According to Bloomberg, the WTI crude oil price is down 1.1% to US$82.26 a barrel and the Brent crude oil price is down 1% to US$85.66 a barrel. Traders were selling oil after assessing the impact of tropical storm Beryl.

Sell IGO shares

IGO Ltd (ASX: IGO) shares are a sell according to analysts at Bell Potter. This morning, the broker has downgraded the battery materials miner's shares to a sell rating and cut its price target to $5.15 (from $7.60). It commented: "In our view there remains considerable further short-term downside risk to the share price if sentiment deteriorates further."

Gold price falls

It looks like ASX 200 gold miners Gold Road Resources Ltd (ASX: GOR) and Regis Resources Limited (ASX: RRL) could have a tough session on Tuesday after the gold price tumbled overnight. According to CNBC, the spot gold price is down 1.3% to US$2,366.7 an ounce. Traders were selling gold after risk appetite grew and demand for safe havens reduced.

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. 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 Scott Phillips.

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