The biggest positive right now for gold is that investors aren't even bothering to buy it.

In a note Tuesday morning to clients, UBS strategist Edel Tully and analyst Joni Teves downgraded their one-month and three-month gold forecasts, but said that limited investor interest in the yellow metal suggests that prices won't tumble materially lower. In other words, though UBS is lowering expectations, the bank expects gold to trade up and down in a tight range.

"Gold is not on the radar for many, and with broad expectations that prices will be range-bound this year, many investors are opting to stay out of this market," UBS wrote. "That is probably gold's biggest positive right now."