5 things to watch on the ASX 200 on Tuesday

Will the share market start the month in a positive fashion? Let's find out.

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On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decent gain. The benchmark index rose 0.3% to 8,542.3 points.

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

ASX 200 expected to edge higher

The Australian share market is expected to edge higher on Tuesday after a positive start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 4 points higher. In the United States, the Dow Jones was up 0.6%, the S&P 500 climbed 0.5%, and the Nasdaq pushed 0.5% higher.

Buy Cedar Woods

Cedar Woods Properties Ltd (ASX: CWP) shares can keep rising according to analysts at Bell Potter. This morning, the broker has retained its buy rating on the property developer's shares with an improved price target of $8.00. It said: "We maintain our Buy recommendation and increase our FY25-FY27e EPS estimates by 0% to 3% reflecting (1) higher conviction in settlement timeframes, (2) increased longer term confidence due to acquisitions and (3) robust macro tailwinds. We increase our TP to $8.00 based on a 50 / 50 blend of our DCF and SOTP valuations."

Oil prices fall

It could be a poor session for ASX 200 energy shares including Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.85% to US$64.97 a barrel and the Brent crude oil price is down 0.2% to US$67.63 a barrel. Oil prices fell in response to easing Middle East risks.

Capricorn Metals rated as a hold

Capricorn Metals Ltd (ASX: CMM) shares are fully valued according to analysts at Bell Potter. This morning, the broker has retained its hold rating with an improved price target of $9.10. It said: "CMM is a sector leading gold producer, fully funded to grow production from ~115kozpa to ~300kozpa at AISC of ~A$1,700/oz from FY27, from two gold mines in WA, each with +10 year mine lives and run by a management team that has an excellent track record of delivery. Our NPV-based valuation is up 1% to $9.10/sh. We retain our Hold recommendation."

Gold price rises

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a positive day after the gold price raced higher overnight. According to CNBC, the gold futures price is up 0.95% to US$3,391.1 an ounce. This was driven by a weaker US dollar.

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 no position in any of the stocks mentioned. 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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