Why is the correlation coefficient so important for gold investors and traders? two assets that either move together, or inversely, or are not related at all. The correlation coefficient is a way to measure the strength of the relationship Below you can find a table that shows individual values of correlation coefficient and their. The results show that the coefficients of correlation vary between The modification of the Angstrom relation has been made by Page  and Prescott . a correlation between the solar radiation and the sunshine duration first of all the coefficients of the modified Angstrom correlation, noted as. Also a correlation is developed for predicting the solar radiation using only sunshine this relationship between solar radiation and the sunshine duration as linear. . Since the number of meteorological stations is not adequate in India, even The sum of the regression coefficients as shown in Table 4 is.
A review of solar radiation models [ 1 ] and measurement techniques [ 2 ] are presented by Pandey and Katiyar.
They noted that the first correlation has been suggested by Angstrom [ 3 ]; it relates the global solar radiation to sunshine duration. The modification of the Angstrom relation has been made by Page [ 4 ] and Prescott [ 5 ].
Afterwards, many other researches have been accomplished in specific countries throughout the world, for example, in Romania [ 6 ], in Malaysia [ 7 ], in Iran [ 8 ], in China [ 9 ], and in Ghana [ 10 ].
Insome of these countries have been compiled by Skeiker [ 11 ]. Many investigators [ 1213 ] have utilized the latitude and the solar declination. Yet others have introduced geographical and meteorological parameters [ 14 — 16 ].
Recently, Dumas et al.
In the present study, we look forward to extending the early investigations by determining first of all the coefficients of the modified Angstrom correlation, noted as and for eight cities.
Next, we seek to establish, successively, correlation relations between the global radiation and five climatic variables for the eight cities. Finally the monthly mean global solar radiation on a horizontal surface and the following climatic variables, the average daily ratio of sunshine duration, the latitude, and the longitude, would be investigated. Equipment and Data Collection 2.
Correlation Coefficient and Gold | Sunshine Profits
The data acquisition process is made according to the world organization of meteorology standards from heliograph bands.
The apparatuses are installed on concrete construction approximately 1. Table 1 indicates the latitude, the longitude, and the altitude of the eight stations of concern. Data for global solar radiation, sunshine duration, the maximum temperature, and relative humidity have been collected for all cities, from to [ 20 ].
Geographical locations of the eight cities of concern [ 20 ]. In relations 2 and 4is the number of the month in the year starting with January and the number of the day in the month.
Z Correlation coefficient Is a statistical method using a number that describes the degree of a linear relationship between two assets that either move together, or inversely, or are not related at all. The correlation coefficient is a way to measure the strength of the relationship between two assets, useful because analysis of one market can sometimes help us infer things about the other market.
Journal of Solar Energy
We use the correlation phenomenon in our analyses and alerts. A correlation coefficient is a single number that describes the degree of linear relationship between two sets of variables.
If one set of data say, gold increases at the same time as another say, gold stocksthe relationship is said to be positive or direct. If one set of data increases gold as the other decreases USDthe relationship is negative, or inverse.
In other words, if gold moves in tune with USD in percentage terms the sizes of moves are at least similarone can speak of gold's positive correlation coefficient with the USD, and if they move in the opposite directions, one can speak of gold's negative correlation coefficient with the USD. How much electricity do you use in balmy spring day as opposed to a rainy winter day? You probably would say that in a sunny day you use less electricity.
On a rainy day you use artificial light and are more likely to stay at home. So where do we spot correlation in this example? According to statistics, demand for electricity is positively correlated with the amount of rain on a given day. We use more electricity on rainy days than in sunny days.