A recent trading update suggests that it may be a good time to consider a long position on gold. The price of gold has declined by 8% in the past few weeks, but analysts believe that the market could rebound towards the long-term uptrend line. This line has been breached recently and could now act as a resistance level.

Traders are advised to enter long positions at the current price levels, with a stop loss set below the late August low of $2470. The projected upside target is around $2800, with an interim target of $2700. Previous trades, such as a successful short position on New York cotton futures and a long position on USD/JPY, have yielded positive outcomes. It is important for investors to effectively manage their stop losses to secure profits while also allowing for potential further gains.