Welcome back to CantosCharts. I'm David Jones from spread betting company IG Index and today we're going to have a look at what the future may have in gold.

I think unlike a lot of markets at the moment, stock markets and currencies, we've got a much clearer technical picture for gold and it's really just the basics. It's the old cliché of the trend being your friend, but it's a cliché that continues to be true when it comes to gold.

So what I'm looking at here, I've looked at slightly longer term chart going back to 2007 for gold and we're looking here at weekly candlesticks. What I've highlighted here, this trend here, is the latest leg of the 10ish-year uptrend in the price of gold that started in November 2008 and you can see of course the market has just pushed out steadily higher. We've pushed out again to all time highs, fresh all time highs, in June.

Looking at this, it's difficult to make a case for not being a buyer of gold. That doesn't mean of course it's going to go up in a straight line, but it does look like any weakness, even $100 lower than where we are now back to this sort of level any weakness still looks like a buying opportunity.

If we take a step forward, we'll look at the dailies, now the daily candlesticks on gold. So this is going back just over a year, about 14 months or so, again just zooming in to this latest part of the move and again that's that trend line that's been in place since November 2008. We can see plenty of support for gold.

For me I think the big level, short to medium-term level for gold, is down here around about $1,150. We have seen the odd selloff during May, but we've seen buyers only too happy to step in and push the price of gold out to fresh all time highs again.

So again, for me, any weakness back to $1,150, that trend is still intact and it looks like a low risk buying opportunity.

We are starting to look on the RSI down here which looks at how overbought or oversold the market is. I think this is a 10 day RSI. We're starting to look a little bit overheated on the upside for gold. So again, in the short-term, it wouldn't be surprising to see some sort of pullback, but as I said at the beginning, any weakness still looks to be a buying opportunity.

When it comes to targets, I think it can be a bit tricky when something moving out to all time highs to look at targets. But again, I think people who are a big fan of patterns, which isn't necessarily me, but if we look at the previous sort of range before, we got used to gold trading in a range around about $1,050 up to about $1,220.

So looking at that, it gives us a target of somewhere up above $1,400 for gold, which again I don't think is too massively ambitious based on the sort of progress that it is making at the moment.

So just take a step in and look at the shorter term chart. So again, what we're looking at here is the last month or so. So the intraday trading. Again, we're seeing it a little bit overcooked maybe, a bit overheated on the upside, so again maybe we'll see a bit of a short-term selloff. But you can see that the trend within the trend within the trend that's been in place now for about a month on gold, we've got support coming in around about $1,215/$1,230. So again in the short-term, there is still plenty of potential levels to help prop up the price of gold if we do see any weakness from here.

So all in all, all the charts seem to be pointing for further strength to come for gold.

That's it for me this time round on CantosCharts. I hope you found it useful and I look forward to talking to you again in the future.