Gold recovered to hit a two-week high on Thursday morning, and some strategists believe that now the metal could run to $1,400 or even beyond.
Key to gold's rally was Wednesday's Federal Reserve meeting, according to Boris Schlossberg, managing director of FX strategy for BK Asset Management. The Fed once again avoided hiking rates, and gold could cash in on the benefits should the Fed keep up recent trends.
"Until and unless central banks begin to tighten policy, gold continues to be an unabashedly strong buy," said Schlossberg on Thursday on CNBC's "Trading Nation." "That's been the theme we've seen building up all through this year, and yesterday was simply a confirmation of that."
"The Fed stayed stationary and gave absolutely no indication of doing anything in September, and gold rallied further," he added. "I think we have a very reasonable chance here to make $1,400 on gold before the end of the year, assuming the Fed stays stationary."
Jonathan Krinsky, chief economist and market strategist at MKM Partners, gives two more reasons for gold to continue its run. The first lies with silver, which has surged 46 percent year to date and has outperformed gold over the past few months.
"Silver is the higher beta metal, and historically in bull markets in precious metals, you see silver outperforming gold, so that's still the case for now," said Krinsky.
Furthermore, Krinsky is also keeping an eye on gold stocks such as the gold miners, which have seen an impressive run this year.
"Gold markets tend to see the gold stocks outperform the metal," he explained. "So as long as those two things are in place, gold probably moves higher."
Krinsky also thinks that $1,400 is an attainable price target for gold, but actually believes the precious metal could edge as high as $1,500.
"If you close above $1,400, there's a pretty good [chance we can get] what we call this quick 'air pocket' that could get up to $1,500," he said. "So I think $1,400 is probably likely, but if you get a close above that, that would be very bullish."