A literature review on gold price predictive techniques

As the value of gold cannot be blindly rejected, forecasting the future prices of gold has long been an intriguing topic and is extensively studied by researchers from different fields including economics, statistics, and computer science. The motivation for these studies is naturally to predict the future prices so that gold can be bought and sold at profitable positions and reduce the risk of investment. However, there are still a lot of un-tackled questions and room for improvements in these forecasting techniques. This is because there are no optimal models for all forecasting problems. Different question needs a different answer; therefore, more experiments and modeling need to be done in order for researcher to enhance their findings. The target of this paper is to present a critical literature review and an up to date bibliography on gold forecasting techniques over the world. Various forecasting techniques concerning the gold price prediction have been highlighted including basic forecasting approached such as Artificial Neural Networks (ANN), hybrid forecasting approach, Swarm Intelligence approach and so on.