On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form and edged higher. The benchmark index rose 0.1% to 8,279.6 points.

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

ASX 200 expected to fall

The Australian share market looks set to fall on Thursday despite a reasonably decent night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 33 points or 0.4% lower this morning. In the United States, the Dow Jones was down 0.2%, the S&P 500 rose 0.1%, and the Nasdaq pushed 0.7% higher.

Oil prices drop

ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a poor session after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 1.3% to US$62.85 a barrel and the Brent crude oil price is down 1.3% to US$65.76 a barrel. Oil prices fell in response to news that US crude inventories have increased.

Xero results

The Xero Ltd (ASX: XRO) share price will be one to watch on Thursday when the cloud accounting platform provider releases its full year results. According to a note out of Goldman Sachs, its analysts expect a strong result. They said: "Overall we expect a strong FY25 result, forecasting: (1) FY25 revenue growth +22% to NZ$2,090mn (VAe NZ$2,104mn); (2) EBITDA/EBIT of NZ$657mn/NZ$351mn (vs. VAe NZ$653mn/NZ$363mn); (3) We expect FY25 opex ratio to be 72.4% (VAe: 71.0%) vs the group's target of around 73% for FY25; and (4) NPAT of NZ$265mn (vs. VAe NZ$246mn)." Looking ahead, the broker expects Xero "to guide to an opex ratio in the low 70's (GSe 71.9%, VAe 69.3%)."

Gold price sinks

It could be a difficult day for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price dropped overnight. According to CNBC, the gold futures price is down 1.95% to US$3,184 an ounce. Rising trade optimism boosted risk appetite and led to investors shifting away from the precious metal.

Aristocrat shares rated as a buy

Aristocrat Leisure Ltd (ASX: ALL) shares are undervalued according to analysts at Goldman Sachs. This morning, the broker has responded to the gaming technology company's half year results by retaining its buy rating with a $74.00 price target. It said: "All in, we revise FY25-27E EBITA by -4% to -3% largely driven by the Gaming segment, with our 12m TP -4% to A$74.00 in-line with earnings. Retain Buy."