Gold prices slid and closed with a marginal up at 27936 that a gain of 0.16% in international market came under pressure as ongoing uncertainty over the fate of both Greece and the euro sent investors running to the dollar, selling off gold positions in the process. But on MCX support seen from the rupee which reversed early gains weighed by a weak euro and an impending decision on Greek debt deal, which offset the positive push offered by gains in local shares following a strong U.S. non-farm payroll data. Greece is working out restructuring terms with its private creditors on one front, a requirement for tapping aid down the road, while on another front, the country is mustering support for austerity measures needed for a massive aid package arranged by the EU, the IMF and the ECB. Patience wore thin on both fronts Tuesday, which sparked demand for gold's traditional hedge, the dollar, as a safety play early during the session. Expectations for quantitative easing often pump up gold prices. Now technically market is trading in the range as RSI for 18days is currently indicating 42.34, where as 50DMA is at 28064.86 and gold is trading below the same and getting support at 27819 and below could see a test of 27703 level, And resistance is now likely to be seen at 28041, a move above could see prices testing 28147.

Gold trading range for the day is 27703-28147.

Gold prices slid as ongoing uncertainty over the fate of both Greece and the euro helped the dollar.

Support seen on MCX after rupee reversed weighed by a weak euro and an impending decision on Greek debt deal.

Bank of America has forecasted gold prices to hit USD2000 a troy ounce by the end of 2012, based on fundamental price factors.

Gold is trading below 50DMA, which is at 28065, now intraday gold is holding support at 27703 and resistance at 28147.