5 things to watch on the ASX 200 on Friday

The Australian share market looks set to end the week on a high.

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On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a very strong session. The benchmark index raced 0.95% higher to 8,203.7 points.

Will the market be able to build on this on Friday and end the week on a high? Here are five things to watch:

ASX 200 expected to rise again

The Australian share market looks set to rise again on Friday following a good session in the United States. According to the latest SPI futures, the ASX 200 is expected to open 24 points or 0.3% higher this morning. On Wall Street, the Dow Jones was up 0.6%, the S&P 500 was rose 0.4%, and the Nasdaq pushed 0.6% higher.

Oil prices sink

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a tough finish to the week after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 3.3% to US$67.42 a barrel and the Brent crude oil price is down 2.9% to US$71.30 a barrel. This was driven by concerns over reports that Saudi Arabia is committed to increasing its production.

Star shares to return

Star Entertainment Group Ltd (ASX: SGR) shares are due to return to trade on Friday after almost a month in suspension. The embattled casino and resorts operator returns after releasing its full year results and arranging a new debt facility. In respect to the former, Star reported a loss of $1.7 billion for the year. As for the latter, the company's corporate lenders have executed a commitment letter for a new debt facility of up to $200 million in two-tranches.

Gold price continues its rise

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) look set to have a decent finish to the week after the gold price rose again overnight. According to CNBC, the gold futures price is up 0.4% to US$2,695.4 an ounce. Traders have been loading up on gold since the US Federal Reserve started its rate cut cycle.

Buy Xero shares

Xero Ltd (ASX: XRO) shares could be heading even higher according to analysts at Goldman Sachs. This morning, the broker has reiterated its conviction buy rating with an improved price target of $201.00. Goldman is feeling upbeat on the company's potential in the massive US market. It commented: "Xero US product cadence is accelerating, with significant progress on localization: Xero launched a significant amount of new product at its recent Xerocon Nashville event, which has been well received by the market."

Motley Fool contributor James Mickleboro has positions in Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and Xero. The Motley Fool Australia has positions in and has recommended Xero. 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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