Are Gold’s Current Declines Just a Temporary Correction?Gold vs US DollarCFI:XAUUSDCFIDespite the recent declines in gold prices, the fundamental drivers behind the markets remain highly complex and volatile. Rising US inflation, fueled by higher energy prices and ongoing geopolitical tensions, has strengthened market expectations that U.S. interest rates will remain elevated for longer. This has supported the US dollar and Treasury yields, placing clear pressure on gold and precious metals in general. On the other hand, the ongoing energy crisis and stalled political efforts to ease geopolitical conflicts continue to fuel concerns over inflation and global economic growth, providing gold with some support as a safe-haven asset over the medium and long term. In addition, continued interest from central banks and investment funds in gold as a hedging tool suggests that the positive outlook toward the yellow metal has not disappeared despite the recent corrections. As a result, gold prices are currently moving between the pressure of high interest rates and a stronger U.S. dollar on one side, and demand for safe-haven assets alongside inflation and economic slowdown concerns on the other making this one of the most sensitive periods for gold price movements. From a technical perspective, gold prices are still trading within an upward trend on the four-hour timeframe. Based on market structure, the recent decline is considered a corrective move within the broader bullish trend. Prices are currently trading around the 78% and 88% Fibonacci levels, which represent an important demand zone where prices could rebound higher once again. The bullish scenario mentioned above remains valid unless prices fall below the 4500.740 level with a four-hour candle closing beneath it.