After falling off over December, silver exchange traded funds are starting to pick up and are currently testing their long-term trend line.

The iShares Silver Trust (NYSEArca: SLV) was up 1.9% Thursday and has returned back to its 200-day simple moving average. The fund is down 8.4% over the past month. [Silver ETFs Lead Precious Metals Rebound]

According to BNP Paribas, despite the drop over the past month, physical silver ETFs saw net inflows of 311 metric tons of silver bullion, or a monthly increase of 1.6% over December, Wealth Daily reports.

Silver futures were 2.2% higher Thursday and are up around 1% for the year.

However, Soceite Generale believes silver may experience a lackluster year due to a “lack of bullish triggers,” reports the Wall Street Journal. The bank cut its estimate on average silver price to $31 per ounce from $34 per ounce, or 8.8% – silver currently sits at $30.9.

“In our view, the market over-reacted with the move extended by technical selling,” Robin Bhar, an analyst with Societe Generale, said in a report.

After the price fall over December, bargain hunters are scooping up precious metals at the cheaper prices, Bhar added.

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