On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 0.1% to 8,257.4 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 after a decent start to the week in the United States. According to the latest SPI futures, the ASX 200 is poised to open the day 25 points or 0.3% higher. In late trade on Wall Street, the Dow Jones is up slightly, the S&P 500 is up 0.6%, and the Nasdaq is 1.1% higher.
Buy the Bellevue Gold dip
The team at Bell Potter thinks that analysts should be buying Bellevue Gold Ltd (ASX: BGL) shares after their selloff on Monday. In response to its production guidance downgrade, the broker has retained its buy rating on the gold miner's shares with a trimmed price target of $1.90 (from $1.95). It said: "The current share price is factoring in little discovery upside relative to the exploration potential to be tested over the next two-years, and is more focused on the production underperformance relative to guidance."
Oil prices slip
It could be a subdued session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) on Tuesday after oil prices slipped into the red overnight. According to Bloomberg, the WTI crude oil price is down 0.8% to US$73.35 a barrel and the Brent crude oil price is down 0.55% to US$76.10 a barrel. Traders were selling oil after prices reached a three-month high.
Tech stocks to rise
It looks set to be another good session for ASX 200 tech shares on Tuesday after the Nasdaq raced higher overnight. This saw semiconductor giant NVIDIA Corp (NASDAQ: NVDA) near a record high during the session. This bodes well for the likes of Block Inc (ASX: SQ2), Life360 Inc (ASX: 360), WiseTech Global Ltd (ASX: WTC), and Xero Ltd (ASX: XRO). Block is currently up 5.5% on the New York Stock Exchange.
Gold price softens
ASX 200 gold miners including Bellevue Gold Ltd (ASX: BGL) and Regis Resources Limited (ASX: RRL) could have a soft session on Tuesday after the gold price edged lower overnight. According to CNBC, the gold futures price is down 0.3% to US$2,646.9 an ounce. Higher bond yields put pressure on the gold price.
