Well, well, well. Look who's back from the dead. Gold is finally catching a break today and it is doing so in some style.The precious metal is up 3% today to around $4,046 now, breaking back above the $4,000 mark as markets digest the Democratic sweep in the US midterm elections.To keep things more interesting, we're also seeing US futures complete a remarkable comeback after an earlier beatdown with S&P 500 futures now up nearly 1%. Meanwhile, the dollar is sinking lower across the board even if there isn't all too much reaction in Treasury yields for now. So, what's got gold buyers all excited again?To start, the better risk mood is definitely one that is playing a role. Gold had been struck with risk fears and liquidation risks amid the tech selloff lately, so that is one reason that is helping. Then, there's also the weaker dollar which is generally an easy enough reason to work with. Besides that, there's also the election results and that have also raised expectations of political gridlock in Washington. In turn, that could potentially limit Trump's fiscal ambitions and keep some anchor on Treasury yields.You can point to any reasoning there but the charts are definitely doing a lot of the talking as well now.The near-term picture shows gold finally coming up for air after reclaiming the psychological $4,000 level. Adding to that, buyers have also pushed past the key hourly moving averages and that is giving the rebound some technical backing.That being said, there's still plenty of work to do. The next major hurdle sits closer to $4,200, with the 100-day moving average lurking around that region. And until buyers can challenge that area, I'd be careful about declaring the correction over as of yet.Looking at the weekly chart though, things definitely look quite encouraging for gold.Despite the recent selloff and threat to break below $4,000 more strongly, gold buyers have put up a successful defense - particularly at the 100-week moving average (red line). That's a pretty important line in the sand to keep intact, especially after going three years without testing the key level.For now, gold buyers have definitely won themselves some added breathing room. However, the real question is whether they can turn this bounce into something more convincing. And that is where they will have to do a lot of the talking through the charts, with the key levels noted above. This article was written by Justin Low at investinglive.com.