Just caught that spot gold pushed back above the 5k mark yesterday after getting hammered the week before. The move from late January was pretty wild - it hit nearly 5,600 before a brutal selloff took out almost a thousand bucks. Margin calls and spillover from silver really did a number on it, but buyers found support around the 50-day moving average and started accumulating again.

What's interesting is how far gold has moved from its longer-term average sitting way down at 3,945. Yesterday opened around 4,984 and rallied about 2.13% to close just under 5,059 with a high near 5,087. The daily candle looks solid - decent body with small wicks on both ends, which suggests real buying pressure rather than just short covering.

The technical picture looks bullish from here. Immediate resistance is around 5,100, then 5,200 where sellers put up a fight before that spike to the record high. If we can clear 5,200, the next target opens up toward 5,400. On the flip side, 5,000 is now first support, with stronger demand showing up in the 4,800 zone where price consolidated during the recent dip.

What's propping this up? Central banks are still on a buying spree - China's been accumulating for 15 straight months now. The Fed's holding rates steady at 3.50-3.75% while the market's pricing in cuts later this year because job growth has cooled (December payrolls were only 50k). The dollar's also weakening, which always helps the yellow metal. Major banks are pretty bullish too - Wells Fargo just bumped their year-end target to 6,100-6,300, matching JPMorgan at 6,300 and UBS at 6,200.

The Stochastic is sitting neutral around the midline after bouncing off oversold territory last week, so there's room for the oscillator to run higher without hitting overbought extremes like before the January selloff. If the structural floor near 4,620 breaks, that would be the real concern. But with central banks still accumulating and the dollar weak, this recovery from the liquidation flush looks like it's got legs.