Charts: Gold to Hit $1,040 'Very Quickly'; S&P to Weaken

Gold's "breaking out" to a higher level as imminent, Chris Locke, managing director at Oystertrade.com Management, told CNBC Wednesday, as other analysts have said the precious metal could shine again as inflation fears resurface.

"We're on this point of the market making a substantial move to the upside," Locke said.

"We will see the market move through the bull market highs of $1,040 very, very quickly," he added.

The S&P 500 index has maintained its uptrend from the March lows and the next target for it is 1,050, Locke said. But for the fall period, Locke sees the index weakening.

Locke told CNBC he's been looking for a signal that the U.S. index will peak in August before correcting slightly, but that signal hasn't occurred yet.

But he said he's "seeing some kind of loss of momentum to the upside" and therefore predicted that the September to November period "will be weaker" and will test the levels below 950.

He also sees sterling reaching "levels towards parity" against the euro, at 95 cents. "Sterling looks the most vulnerable to me," he said.