Ausente (Absent) is an Argentinian film from 2011 that I enjoyed very much. It's also in Spanish, but I found the Argentinian accent, slang, and grammar (alternative verb forms like "decis" instead of "dices") difficult to understand.
Here is the plot summary from iMDB:
Martin, a young Argentine student, is exploring the reactions of his sports coach, Sebastian, while vying for his love and affection. He has an opportunity - one night to push the envelope and be as close as ever to reaching what he so desperately wants. With his teacher keeping him off at a distance, but at the same time being so kind and nurturing, Martin continues to inch further and further towards crossing the line. But, with all the twists and turns of love, life, and personas, Martin finds himself on the wrong side of the line, and Sebastian finds himself with more regret than Martin could have ever imagined.
I saw "Plata Quemada"("Burnt Money") years ago and remember not liking it, perhaps because I didn't like the two central gay characters. But I'll try it again. Interestingly, that movie was also shot in Buenos Aires and Uruguay, but I have no problem understanding the Spanish. To the OP:
iMDB.com (Internet Movie Data Base) has user lists of best gay movies, including one at http://www.imdb.com/list/ls000046237?ref_=tt_rls_1
, a second list at http://www.imdb.com/list/ls003915608?ref_=tt_rls_2
, and a third at http://www.imdb.com/list/ls002440663?ref_=tt_rls_3