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Machine Learning - Thai's Monthly Gold Prices Forecast

Model Accuracy: 99%

Tags: #Gold #Regression #Prediction #Forecast #Thailand #DataVisualisation

Background

There are several approaches to invest wealth through buying stock in gold miner or physical product like gold bars. These investments have as many reasons for investing as other method of investment such as properties, value investment, or stock trade.

The average daily trading volume of gold is around $183 billion and it is considered to be one of the largest financial assets in the world. Last year, when the Covid-19 virus pandemic hit, the subsequent equity market crash and gold saw a sharp surge crossing the ฿25 per 10-gram levels. However, lately Thailand gold price is trading near ฿20,429 level, with support seen at ฿20,362 - ฿20,251, and resistance is seen at ฿20,593 - ฿20,740. This correction, from all-time high levels of ฿24,870 - ฿25,314, is being looked at as an opportunity to invest in gold.

Solution

By setting up and optimizing on Machine Learning models, Analytico Asia generated a forecasting model for monthly gold prices and achieved a model accuracy of 99%.

Using our model, we compared Thai's gold prices with other South East Asian countries and calculated future gold prices for data-driven decision in investing gold.

Video Demo