A near 30% correction is meaningful, but I would avoid buying solely because gold looks "cheap". The main headwind is still real yields. If markets continue pricing in higher rates, gold can remain under pressure despite the sizeable decline.

I'd prefer to scale in gradually rather than make a large bet at $4,000. If inflation expectations stabilise or the market begins anticipating the end of the tightening cycle, gold could recover well. If yields continue climbing, there may be better entry points ahead.

For long-term investors, disciplined averaging reduces timing risk. For short-term traders, I'd wait for signs that yields and Fed expectations have peaked before turning more bullish.