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Gold hit its highest levels in more than a year on Friday, and Wall Street and Main Street look for the momentum to continue next week, based on the weekly Kitco News gold survey.

The metal has been underpinned by continuing trade tensions between the U.S. and its partners, resulting in worries about an economic slowdown that in turn has market participants looking for a rate cut from the U.S. Federal Open Market Committee before the end of the summer. Attacks on a pair of tankers in the Middle East prompted additional buying. And whenever markets break higher, they generate technical-chart momentum.

“With the tensions escalading between Iran and the U.S. as well as all the tariffs on and off, I think gold has a good potential to see new highs,” said Afshin Nabavi, head of trading at MKS. “Next week, [the] FOMC will have a meeting on Wednesday…and the market thinks they may want to cut interest rates.”

Richard Baker, editor of the Eureka Miner’s Report, commented that not only has gold benefited from its role as a safe haven, but real interest rates remain suppressed given high demand for U.S. Treasury notes, which he noted is a bullish development for non-interest-bearing assets like gold.

“As oil prices have fallen on weakening demand, gold has proved resilient and, more recently, on the move higher,” Baker said. “A gold price model based on Brent [crude], 10-year real rates, [the] euro and Japanese yen demonstrates high fidelity since early March. That model suggests that Comex gold should return to this morning's highs closing above $1,360 per ounce next week. Silver should follow above the $15-per-ounce level.”

“Gold is in a solid bull market,” said Phil Flynn, senior market analyst with at Price Futures Group. “Increased geopolitical risks as well as concerns about the global economy will give gold a bid. More talk of a slower global economy will have investors looking at gold as a hedge.”

Mark Leibovit, publisher of VR Metals/Resource Letter, said the seasonal low is “behind us” and “an attack at $1,370 in the gold is in the near-term horizon.”

Meanwhile, Ole Hansen head of commodity strategy at Saxo Bank, said he is short-term bearish on gold, citing the risk that the Federal Reserve does not prepare markets for a July rate cut. However, he added that he would look to buy dips as weak economic data point to a slower U.S. economy and will prompt the Fed to eventually cut rates.

“I am neutral on gold for next week because I think it could potentially stage big moves in both directions in the coming days,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. “While gold is breaking out today, if the Fed is not as dovish next week as some on the Street seem to be hoping, the U.S. dollar could bounce back.”