Silver exchange traded funds are off to a rocky start this week after slamming into resistance at the 50-day moving average, a key technical indicator.

ETFs that invest in the precious metal have traded lower this month after the big sell-off on Feb. 29.

Silver prices briefly fell below $32 an ounce on Wednesday morning before recovering somewhat. Some analysts have blamed this week’s pullback in metals on concerns over China’s economic growth.

However, the Silver Institute’s annual Silver Jewelry Sales Survey found that 77% of U.S. jewelers reported a year-over-year increase in silver jewelry sales in 2011, Dow Jones Newswires reports.

ETFs that follow silver prices include iShares Silver Trust (NYSEArca: SLV), PowerShares DB Silver Fund (NYSEArca: DBS) and ETFS Physical Silver Shares (NYSEArca: SIVR).

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