Its can be "the king is walking". Depend of connection.
"The king is going" is also correct. It seems there are multiple interpretations of הולך
Is that a pey? (ך)המל
pey is curled ף
It's a jaf sofit
Is the second word pronounced holech, hoolech, or hulech?
Is it The King walks or The Monarch Walks?
How would you define the difference?
Depends on the sentence , the word הולך litteral meaning is "walking" but also can mean "goin"
אני הולך היום לים =i am goin to the beach today
אני הולך ברחוב = i am walking in the street
Is it incorrect to say leaving, if going and walking are other meanings for הולך ?
Yes, it's wrong. "The king is leaving" would be המלך עוזב.
The king went is also a possible answer
Not really. That would be המלך הלך.