It was another good week for ASX 200 shares as the S&P/ASX 200 Index (ASX: XJO) edged 0.25% higher.
Last week I was watching Commonwealth Bank of Australia (ASX: CBA), Flight Centre Travel Group Ltd (ASX: FLT) and Xero Limited (ASX: XRO).
The CBA share price edged lower but is still hovering around the $60 per share mark. Flight Centre shares fell 7.06% lower last week as investors continued to contemplate whether the minimal easing of coronavirus restrictions will translate positively for the travel sector. Xero shares slumped 8.48% lower, including a 5.58% drop on Friday, after the release of its full-year earnings on Thursday.
As we commence another COVID-19-hit week on the markets, check out the 3 ASX 200 shares I'll be keeping an eye on.
3 ASX 200 shares to watch this week
I think the Northern Star Resources Ltd (ASX: NST) share price is one to watch this week. Northern Star is one of the leading ASX 200 gold shares and could climb higher if investors continue to be bearish.
Given the uncertainty we're seeing in the economy, I think gold shares could do well this week. I'm not bullish enough to be buying gold shares for the long-term, but the Northern Star share price could be an indicator of how investors are feeling right now.
Woodside Petroleum Limited (ASX: WPL) is another ASX 200 share to watch this week. Towards the end of last week, there was a lot of oil-driven volatility. The US markets (which the ASX often follows) were up and down as the oil price war continues. Despite low demand and a glut of supply, Woodside shares could be in the buy zone.
No one knows how the Saudi Arabia-Russia oil war will play out this year. However, Woodside shares are down 38.76% this year and could bounce back strongly if we see signs of a return to normality in the weeks ahead.
Finally, Wesfarmers Ltd (ASX: WES) is among my ASX 200 shares to watch this week. Wesfarmers is sitting on a big pile of cash right now and it could be ready to deploy it. Whether this is via a strategic acquisition or in a new industry altogether, I think Wesfarmers could soon be going shopping.
This could put the ASX 200 conglomerate's shares in the buy zone if it picks up a high-quality company for a cheap price.
