Lower rates have also helped gold prices.
"It's more a safe haven and the opportunity cost in holding this stuff," Melek said, adding that a lot of the recent move in gold was technical.
(Read more: Street snowed in; traders eye new highs)
"We said once it moves past the 200-day moving average, we would easily see 1,324, and moving toward 1,361. There are certainly technical factors behind these moves," he said. He expects gold to top out at about $1,361 for now. The 200-day is around $1,304.
Gero expects gold to move up to about $1,350 in this move.
(Read more: Gold cracked $1,300—here's what's next)
Though Melek doesn't think the weather will have a lingering effect on the economy, he said the resulting weak data are clearly having an impact on the market.
In a CNBC survey, economists predicted a $50 billion hit to the $16 trillion U.S. economy, or about a third of a percentage point. But they also expect any hit to first-quarter growth to be partially reversed as weather improves.
"I think it would have some effect, but I don't think it is going to permanently damage the U.S. economy," Melek said. "I think we could have a month of a stronger market; 1,361 wouldn't be that surprising.
(Read more: All that snow is dragging US down)
"I'm not sure the bear is dead but maybe just a little bit wounded," he said. "A lot of bears are getting squeezed out and had to cover their positions."
Friday's industrial production was a perfect example of weather-impacted data.
Manufacturing output for January fell 0.8 percent, pushing down overall industrial production, which is the measure of output of manufacturers, utilities and mines. It fell 0.3 percent from the previous month—its first decline since July.
The Fed blamed the manufacturing drop on the weather and said weather also drove a utility production gain of 4.1 percent in January, after a 1.4 percent decrease in December.
(Read more: Gold races above $1,300; set for best week in 6 months)
Economists have been paring their expectations for first-quarter growth.
Forecasters surveyed by the Philadelphia Fed see a drop in economic activity in the first quarter but a pickup in the second, consistent with the idea of a spring rebound. The Philadelphia Fed said the Friday that economists cut their first-quarter growth forecast to 2 percent from 2.5 percent.
—By CNBC's Patti Domm. Follow her on Twitter