In addition improving supply and demand fundamentals and the bank's belief that "the bulk of the adjustment to the current and expected macro environment has already taken place," should also boost the metal:.............. "Right now, investors are simply not engaged. It's been a tough market to trade and there are other assets that are acting as alternative avenues to express macro views. While the lack of interest has meant that there is less urgency to buy dips, it also means that there is less selling firepower. In addition, the risk/reward of going short has deteriorated," UBS argues. http://www.mining.com/ubs-bad-news-already-baked-into-gold-price/