Silver ETFs attracted more money than any other commodity.
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This week, equities rallied as silver lingered. Meanwhile, BNP Paribas cut its silver price forecast while the director of the Silver Institute projected surging industrial demand.
Silver managed to close above $29, but was quickly robbed of the gains.
Silver prices declined further this week and some firms adjusted their outlook for the metal.
With nothing to provide direction for a move, silver remains range-bound.
Silver overcame downward pressure this week. With gains through Thursday, bulls now have a slight technical advantage.
Silver initially responded well to news from the Federal Open Market Committee meeting. However, a day later the market came under severe pressure.
Steep losses last Friday pulled silver below the $34 level and the metal has failed to claw its way back.
Despite negative headlines, silver displayed the ability to overcome its problems and rise, posting successive closes about $33.
Amid what appears to be ongoing liquidation, silver failed to break out of the price range it has been stuck in for the past few weeks.