Gold held on to gains as trading was subdued amid a lack of key economic data and a US market holiday for Memorial Day. But prices stay on high side amid ongoing concerns over political turmoil in Greece and growing fears over the fiscal health of Spain. Gold prices took cues from the currency market, tracking movements in the euro. Gold remains more sensitive to moves in the euro/dollar exchange rate in the short term than to rising risk aversion, which in the past has been a positive driver of prices. The single currency found some support after weekend opinion polls in Greece indicated that pro-bailout party New Democracy was leading the polls ahead of a general election next month. The likelihood of Greece leaving the euro has been growing since early May, when anti-bailout political parties deprived pro-austerity parties of a majority at the polls. Despite the day's gains, gold futures remained vulnerable to further losses in the euro amid growing concerns over the fiscal health of Spain. Ratings agency S&P's cut the ratings on five Spanish banks on Friday and said it believes the country is entering a double-dip recession. Now technically market is trading in the range as RSI for 18days is currently indicating 55.2, where as 50DMA is at 28691 and gold is trading above the same and getting support at 28880 and below could see a test of 28794 level, And resistance is now likely to be seen at 29053, a move above could see prices testing 29140.

Trading Ideas:

Gold trading range for the day is 28794-29140.

Gold held gains amid ongoing concerns over political turmoil in Greece and growing fears.

Gold may climb as pro-bailout parties in Greece gained traction in opinion polls.

Physical demand for the metal in India remained depressed by the weak rupee and seasonal factors.